Gold declined after the US and Iran exchanged strikes over the weekend of Jul 11 and 12, sending energy prices higher and once more raising the prospects for interest-rate hikes to combat inflation. Bullion fell as much as 1.2 per cent to below US$4,070 an ounce on Monday (Jul 13), having lost 1.4 per cent in the week ended Jul 12. Confusion governed the status of energy transit via the Strait of Hormuz, with the US denying an earlier statement by Iran that the waterway would be closed “until further notice.” American forces started attacks to ensure freedom of navigation, according to US Central Command. For gold ... (full story)