Gold prices fell significantly after stronger-than-expected U.S. economic data was released. Third-quarter GDP growth of 3.4% and persistent PCE inflation have increased market expectations for a Federal Reserve interest rate hike in December. The Fed's recent decision to hold rates steady, but with some officials dissenting in favor of a hike, has contributed to this sentiment. Higher interest rates raise the opportunity cost of holding non-yielding assets like gold, leading to a sell-off in the precious metal.