02:00 PM EST, 11/13/2024 (MT Newswires) -- (Updates prices.)

Gold prices traded lower mid-afternoon on Wednesday, falling for a fourth-straight session as the dollar rose after a report showed U.S. inflation rose in line with expectations last month.

Gold for December delivery was last seen down US$19.70 to US$2,586.60 per ounce.

The U.S. Bureau of Labor Statistics said the October Consumer Price Index (CPI) rose at a 2.6% annual pace in October, up from 2.4% a month earlier but matching the consensus forecast, according to Marketwatch. Core inflation, excluding volatile food and energy costs, rose 3.3%, unchanged from September and also in line with forecasts.

The data is unlikely to change expectations the Federal Reserve will make a third-straight cut to interest rates at the December meeting of its policy committee. The CME FedWatch Tool shows a 79% probability of a 25 basis point cut at the Dec.18 end of the two-day meeting.

The ICE dollar index was last seen up 0.49 points to 106.51, the highest since July.

Treasury yields were mixed, with the U.S. two-year note last seen paying 4.292%, down 7.1 basis points, while the yield on the 10-year note was up 1.9 points to 4.459%.