Gold held below $4,050 an ounce on Wednesday after tumbling nearly 3% in the previous session, as hawkish comments from Federal Reserve officials and stronger-than-expected US inflation data strengthened expectations of a rate hike in December. US headline inflation slowed to 0.4% MoM in October from 0.6% in September, but came in above market forecasts of 0.3%. Meanwhile, core inflation remained unchanged at 0.3% for the third consecutive month, exceeding expectations of 0.2% and signaling persistent underlying price pressures. Fed Governor Christopher Waller expressed support for further monetary tightening in December, adding that he would favor a half-percentage-point increase if inflation continues to accelerate. Dallas Fed President Lorie Logan also indicated that more aggressive rate hikes may be necessary to bring inflation under control. Consequently, markets are now pricing in approximately a 91% probability of a rate increase next month, up from 84% in the previous session.