Gold snapped its first two-day gain since the U.S. presidential election as investors extended the longest run of sales from bullion-backed funds in a year. Palladium climbed to the highest in almost 18 months.

Holdings in gold exchange-traded funds fell for the past 12 days and are heading for the biggest monthly drop in three years. Bullion prices are near a nine-month low as traders are certain that the Federal Reserve will raise interest rates in December following Donald Trump’s election win.

Bullion for immediate delivery fell as much as 0.7 percent to $1,185.38 an ounce and was at $1,188.99 by 11:20 a.m. in London, according to Bloomberg generic pricing. The metal gained 0.9 percent on Monday, the most since September, as the dollar extended a retreat from the highest in a decade.

“Selling in ETFs is a consequence of the broader mood that is sweeping across markets, with stronger growth expected for the world economy,”  Jens Pedersen, a Danske Bank A/S analyst in Copenhagen, said by phone. “I’m turning more bearish on gold, particularly given the steepening yield curve, which is part of the same story.”

Investors sold 100.6 metric tons of gold through ETFs so far this month as the outlook for higher U.S. rates curbed the appeal of owning assets which don’t provide a yield. Holdings fell 6.3 tons to 1,887 tons as of Monday, data compiled by Bloomberg show.

For more on gold’s price performance in the face of higher rates, click here.

“A lot of funds are trying to sell and square their positions before the Fed decision in December,” Golf Hirunyasiri, managing director of Bangkok-based MTS Gold Group, said by phone. Gold is expected to trade between $1,180 to $1,200 until the Fed meeting, unless there is some surprise in U.S. jobs data due later this week, he said.