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Gold prices fell on Tuesday as the dollar strengthened on increasing bets that the Federal Reserve will raise U.S. interest rates in December.

Gold and silver futures prices ended the U.S. day session modestly lower Tuesday. The key “outside markets” were in a bearish daily posture for the precious metals, as the U.S. dollar index was solidly higher and crude oil prices were lower. December Comex gold was last down $4.30 an ounce at $1,256.10. December Comex silver was last down $0.164 at $17.495 an ounce.

A feature in the marketplace Tuesday was the stronger U.S. dollar. The U.S. dollar index hit a 2.5-month high following more hawkish Fed-speak from a Federal Reserve official on Monday. Chicago Fed president Charles Evans suggested a U.S. interest rate increase can occur this year. There is also thinking in the marketplace that U.S. presidential candidate Donald Trump is falling farther behind Hillary Clinton, which traders and investors reckon would allow the Fed to raise U.S. interest rates sooner due to less uncertainty if Clinton wins the election.

Minutes of the Federal Reserve’s September policy meeting could illuminate the degree of pressure Chair Janet Yellen faced from officials eager to raise interest rates, insights that could help guide expectations on the likelihood of a hike by year end.

Investors will be scouring the September meeting record for evidence Fed Chair Janet Yellen is under pressure from a hawkish group of officials to tighten monetary policy soon. Odds of the U.S. central bank boosting borrowing costs by year-end have ticked up to 67 percent.

Reference: Bloomberg, Kitco, Reuters