In the metals quadrant, August Gold futures experienced significant selling pressure, falling for the third consecutive session to hit a 12-week low. The decline comes as expectations for a December interest rate hike steadily climb, with market probability reaching 43.4%. Analysts are echoing this hawkish shift, pushing anticipated rate cuts out to 2027. Tomorrow's CPI print remains a critical inflection point, with consensus expecting a 4.2% annualized increase. Despite the recent sell-off, Gold futures may find a floor due to elevated geopolitical risks, including the closure of the Strait of Hormuz and ongoing energy-driven inflation concerns.