Why is the price of gold trending down?

From aljazeera.com

Gold has been under pressure since the United States and Israel attacked Iran in late February, launching a months-long war. Prices have fallen from a high of $5,303 per troy ounce (31.1g) on January 28 to $4,235 on Friday. That is because soaring inflation has raised concerns that central banks will not slash interest rates. They may even hike them to rein in prices. The roots of the inflation spike lie, in large part, with the Strait of Hormuz. To retaliate against the US and Israel, Iran has been blocking traffic through the waterway since the start of the war, impeding a major artery for oil and gas shipments. ... (full story)