Gold slipped below $4,710 an ounce on Tuesday, pressured by mounting uncertainty in the Middle East and the prolonged closure of the Strait of Hormuz. The disruption has driven oil prices higher and kept inflation risks firmly in focus, while a rebounding US dollar added further headwinds for bullion. President Donald Trump warned that the US-Iran ceasefire was on "massive life support" after rejecting Tehran’s latest peace proposal, fueling concerns that the key shipping corridor could remain blocked for an extended period. According to reports, Trump is expected to meet with his national security team to discuss a possible resumption of military operations and to revisit plans for escorting commercial vessels through the Strait. On the economic front, US inflation accelerated to 3.8% in April, the highest level since May 2023, while core inflation also surprised to the upside at 2.8%. The figures have complicated the Federal Reserve’s policy outlook and increased the perceived likelihood of a 25 bps rate hike by December.