Gold Prices Plummet Below $4300 Amid Hawkish Fed Outlook

Gold and other precious metals are losing ground as traders focus on strong U.S. PMI reports, which have increased the likelihood of a rate hike at the Federal Reserve's October meeting.

The probability of a rate hike rose to 70.9% after the release of PMI data, according to FedWatch Tool.

Manufacturing and services PMI both beat analyst forecasts, with manufacturing increasing from 53.9 in August to 57 in September, and services growing from 56.5 to 58.7.

The rise in Treasury yields has put pressure on gold markets, causing the metal to drop below $4300.