Where does the price of gold go from here?

This year so far, gold has seen US$100 oil, renewed Fed tightening, 3-per-cent real Treasury yields, a strengthening U.S. dollar and a continuing Iran war. Where does the price of gold go from here? Background: According to the CME FED watch site, the market sees a 67-per-cent probability of an increase in the FED Funds rate by the December meeting. Today’s price of gold at US$4,181 comes after a 6-per-cent decline in September, and Friday’s softer inflation report has reduced the market implied probability of an October Fed hike from 69 per cent a week ago to 21 per cent…