Gold hovers near $4,000 as sticky US inflation fuels Fed rate hike expectations

Spot gold traded at $4,006.06 per ounce, dropping 0.4% as persistent U.S. inflation reinforced expectations for further Federal Reserve rate hikes. Bullion faces a second consecutive monthly loss after falling over 3% in October. Pressure mounted after the core Personal Consumption Expenditures price index rose 0.5% in September, its largest monthly increase since March. CME FedWatch data shows traders pricing in a 75% probability of a December rate increase. Earlier, gold dropped to $4,008.64 and $4,001.56, pressured by rising yields and tech equity sell-offs, though Chinese household dip-buying provided support near $4,000.