Gold prices slid almost 3% on Tuesday after new US inflation numbers came in higher than expected.
The Consumer Price Index (CPI) rose 0.4% in October, which pushed the dollar and Treasury yields up and sent spot gold down to $4,028.39 per ounce.
December gold futures also dipped by 2%.
Strong dollar, Fed talk hit metals
The stronger dollar made gold pricier for buyers outside the US and raised the cost of holding it compared to Treasuries.
With talk of a possible Federal Reserve rate hike next month, other metals took a hit too: silver fell 3.95%, while palladium and platinum also dropped as investors reacted to the surprise inflation data.