Gold slid over 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures from escalating hostilities in the Middle East. Spot gold dropped 1.5% to $4,059.11 per ounce by 0356 GMT. U.S. gold futures for August delivery were down 1.1% at $4,067.10. U.S. and Iranian forces have exchanged heavy missile and drone assaults, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying it had again closed the vital Strait of Hormuz. Oil prices jumped about 4%, the dollar and U.S. ... (full story)