According to CoinMeta, the price of gold fell by 1.6% due to increased expectations of interest rate hikes by the Federal Reserve, now at $4,071 per ounce. Federal Reserve official Christopher Waller stated that more aggressive interest rate hikes may be needed to control inflation and supported the possibility of a hike in December; if inflation worsens, a 50-basis-point hike could even occur. Currently, the market expects a 99% probability of a rate hike in December, and Treasury yields climbed before the release of today's US CPI report.