BengaluruMarkets price 80% odds of a December Fed hike.
Gold is falling even as war keeps the Strait of Hormuz tense.
Gold, which pays no interest, touched its lowest since 5 August on Wednesday as Treasury yields and the dollar rose.
Fed minutes show policymakers divided on whether energy shocks or demand-driven inflation justify a hike.
The Fed decides on 28 October, and US inflation data lands 14 October.
Sources: Bloomberg Business, Reuters