The gold price has come under pressure today, giving up yesterday’s gains as a US Federal Reserve board member signaled that a rate hike was just around the corner.

Federal Reserve of Chicago President Charles Evans noted in a speech in Sydney on Tuesday that the U.S. economy is moving forward and that a December rate hike “could be fine.” sparking a jump in the US dollar and a selloff in gold.

The market now anticipates a greater than 70 percent chance that the US central bank will lift rates before the end of the year up from 50 percent less than a month ago.

Evans has just been one of a number of Fed board members that have called for increasing monetary policy in the US which has kept gold under pressure and contributed to the more than 5 percent fall over the last month,

“Open interest has declined because of long positions liquidating last week on the big move down, and they haven’t come back into the market,” Bob Haberkorn, a senior market strategist at RJO Futures in Chicago, said in an e-mail.

“What’s keeping gold lower for the most part have been comments since last week by various Fed members on a December rate hike, like what we heard from Evans last night.” he added.