The Globe and Mail reports in its Thursday, Dec. 1, edition that gold fell to nearly a 10-month low on Wednesday, adding to its deepest monthly price declines in more than three years as strong U.S. economic data and higher U.S. Treasury yields buoyed the U.S. dollar, further cementing the case for a December rate increase. A Reuters dispatch to The Globe reports that the U.S. dollar rallied 0.9 per cent against a basket of six major currencies, after oil prices rose sharply and upbeat U.S. economic data and comments by president-elect Donald Trump's choice for U.S. Treasury secretary triggered a sell-off in the bond market. Spot gold was down 1.2 per cent at $1,174.44 an ounce in afternoon trading, after falling to $1,170.35, the lowest since Feb. 8. U.S. gold futures settled down 1.4 per cent at $1,170.80 an ounce. CIBC Capital economist Royce Mendes says, "A consensus appears to be growing among Fed voters that the economy requires another rate hike, and today's Beige Book largely confirmed those opinions." Gold has shed more than 8 per cent in November, the biggest monthly fall since June, 2013.