According to CoinMeta, influenced by U.S. inflation data exceeding expectations and hawkish statements from Federal Reserve officials, the market further strengthened its expectations for a Fed interest rate hike in December. Gold prices tumbled by 0.8%, falling below $4,000 per ounce, while the dollar rose to its highest level since April 2025. Currently, the market has fully factored in the expectation of a 25-basis-point interest rate hike in December and has also begun to consider the possibility of a smaller 50-basis-point hike. Rising interest rates increase the opportunity cost of holding interest-free gold, and a stronger dollar raises the cost for investors in other currencies to buy gold. Despite short-term pressure, gold prices have remained above $4,000 for most of the time, indicating that this level has received some support from buyers, and central banks' demand for gold purchases has also remained stable. Suki Cooper, head of commodity research at Standard Chartered Bank, stated that despite adjustments in the stock market, gold prices have remained strong, showing that its safe-haven attribute is growing, and it no longer serves primarily as a source of market liquidity.