Gold fell 1.39% Monday to $4,063.91, even as Iran declared the Strait of Hormuz closed following a fourth wave of US strikes over the weekend. Traders priced the escalation through a US 10 year Treasury yield climbing toward 4.59% on rising odds of a Federal Reserve rate hike, rather than treating it as safe haven demand. It is the second time this month a war escalation has failed to hold gold's initial bid, after the July 7 tanker attack.
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