Gold gave back recent gains on Tuesday after a hotter-than-expected U.S. inflation report, falling 1.1% ($45.40) to $4,042.20 an ounce, while silver dropped 2.1% to $51.28. October's consumer price index rose 0.4% month on month against 0.3% expected, with core CPI up 0.3% against 0.2% expected. Fed Governor Christopher Waller said he supports a 25-basis-point rate hike in December and is open to a 50-basis-point move if inflation stays elevated, and markets priced a 100% chance of a quarter-point December increase.
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