<div id="readability-page-1"><div><p>[SINGAPORE] Gold tumbled on mounting inflation concerns, after US-Iran peace talks ended without resolution and American plans to blockade the Strait of Hormuz deepened a global energy-supply shock.</p><p>Bullion fell as much as 2.2 per cent to below US$4,650 an ounce, wiping out the previous week’s gain. The US military said that it will begin the blockade at 10 am Eastern Time on Monday (Apr 13) after weekend negotiations with Iran failed to secure a deal to turn a fragile ceasefire into a lasting peace after six weeks of war in the Middle East.</p><p>Oil and natural gas prices surged, with US President Donald Trump also saying the US will interdict any vessel that has paid a toll to Iran for safe passage through Hormuz, the maritime chokepoint that links the Persian Gulf to global markets. Before the war, a fifth of the world’s crude and liquefied natural gas passed through the strait.</p><p>Equity futures slid and a gauge of the US dollar rose as much as 0.4 per cent, a headwind for gold that’s priced in the US currency. The spike in energy prices also raised inflationary risks, making it more likely that central banks will delay cutting interest rates or even hike them. This is a negative for non-yielding gold, which benefits when borrowing costs are lower.</p><p>In an early reading of the war’s impact on the US economy, March inflation climbed by the most in nearly four years, with a record increase in petrol prices responsible for nearly three-quarters of the monthly advance, according to data from the Bureau of Labor Statistics released on Friday.</p><p>Spot gold fell 2 per cent to US$4,656.55 an ounce at 6.56 am Singapore time. Silver slid 3.1 per cent to US$73.52 an ounce. Platinum and palladium also declined. The Bloomberg Dollar Spot Index was up 0.4 per cent. BLOOMBERG</p></div></div>

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<p>Gold prices fell sharply by 2.2% to below $4,650 an ounce due to rising inflation concerns following the US's planned blockade of the Strait of Hormuz amid unresolved US-Iran peace talks. The blockade, set to begin on April 13, is expected to exacerbate global energy supply issues, leading to increased oil and gas prices. This situation raises inflationary risks, potentially delaying interest rate cuts by central banks, which negatively impacts non-yielding gold. March inflation in the US saw its largest increase in nearly four years, driven by soaring petrol prices.</p>

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Gold tumbles as US blockade of Hormuz raises inflationary risks