Gold hovered around $4,460 an ounce on Monday after slumping more than 3% in the previous session, as hawkish comments from Federal Reserve Chair Kevin Warsh rekindled expectations of an imminent interest rate increase. In his Jackson Hole speech on Friday, Warsh cautioned that inflation is not moderating meaningfully and reiterated the Fed’s commitment to returning inflation to its 2% target, while emphasizing that current financial conditions are not restrictive. Traders are now assigning roughly a 57% probability to a 25-basis-point rate hike in September, up sharply from about 40% a week earlier. Gold prices also faced pressure from rising oil prices after the US military struck Iranian rocket launchers that were preparing to deploy mines in the Strait of Hormuz, the first such operation in more than a month.