Gold futures fell to a nearly 3-month low of $4,049.10.

December Gold futures dropped for the third time in four sessions to hit a nearly three-month intraday low of $4,049.10, extending a 3.79% decline since the October 9 swing high close. Bob Iaccino of Path Trading Partners evaluates the pressure on non-yielding bullion amid resilient macroeconomic data and hawkish Federal Reserve expectations. While benchmark Treasury yields edged lower on equity market weakness, the CME FedWatch Tool reflects a 67% probability of a December rate hike following stronger-than-expected September CPI data. Additionally, initial jobless claims dropped to 194,000-holding near historic lows since 1969-underscoring labor market strength that affords the Fed flexibility to prioritize inflation.