- Surprisingly weak consumer inflation report drove U.S. Treasury yields sharply lower as traders priced in an 85.4% probability of a 50 basis point rate hike in December. Gold rallied because lower yields tend to make non-yielding gold more attractive. In this case, short-sellers, looking for more aggressive rate hikes from the Fed, were forced to cover when the CPI news was released. Lower yields also made the greenback a less-attractive investment. This drove up demand for dollar-denominated bullion.
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