MTECHTIPS- Gold prices were lower Tuesday as upbeat U.S. economic reports underlined the view that the Federal Reserve will hike interest rates in December, underpinning dollar demand. Gold was trading at $1,185.5 a troy ounce by 10:29 ET, after falling as low as $1,179.00 earlier. Data on Tuesday showed that the U.S. economy grew at a quicker than expected rate in the third quarter, expanding at the fastest pace in two years. The Commerce Department reported that gross domestic product grew by 3.2% on a year-over-year basis, up from the previously reported estimate of 2.9%. Another report showed that U.S. consumer confidence rebounded strongly in November, after a moderate decline in October. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 101.24. Gold is priced in dollars and becomes less attractive to holders of other currencies when the dollar rises. According to Investing.com’s Fed Rate Monitor Tool, 95.4% of traders expect the Fed to raise interest rates at its policy meeting in December.