Gold prices on Tuesday plunged to their lowest levels in more than a week on diminishing hopes for an interest-rate cut at the Fed’s December meeting.

Gold futures dropped 0.3% to $4,062.20 per ounce as of about 12:30 p.m. ET — the fourth straight day of declines. The precious metal hit its lowest price since Nov. 10 earlier in the session.

The drop comes as traders are pricing in just 52.6% odds of a quarter-point cut next month – down from 93.7% odds this time last month, according to CME FedWatch.

“Market participants are pricing out US interest rate cuts following more hawkish comments from Fed officials,” UBS analyst Giovanni Staunovo said Tuesday.

“I would expect gold prices to bottom out soon, as I still see the Fed cutting rates several times over the coming quarters, and centr

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