Gold prices fell as much as 3% on November 11, breaking below $4,015 per ounce, as higher-than-expected US inflation data, coupled with comments from Federal Reserve officials that further strengthened market expectations for a rate hike next month, led to a 3% drop in spot gold prices. Following the release of higher-than-expected US October CPI data, both US Treasury yields and the US dollar index rose sharply. Dallas Fed President Logan stated that she believes at least two more 25-basis-point rate hikes are still necessary, and the pace of rate hikes may need to be faster than the Fed's pace this fall. Previously, Fed Governor Waller had suggested the possibility of a 50-basis-point rate hike. MKS PAMP Metals Strategy Director Nicky Hills said, "The market currently sees an increased probability of a 50-basis-point rate hike in December, and coupled with higher-than-expected CPI data, these factors combined are undoubtedly extremely unfavorable for the gold market today." Hills stated that although the market consensus for gold prices before the end of the year leans towards "moderately bullish to range-bound," gold currently lacks a clear driving logic. Market confidence remains weak as major asset allocation institutions wait until January to take action.