Gold rose to around $5,350 per ounce on Tuesday, extending its rally to a fifth consecutive session, as increasing tensions in the Middle East reinforced safe-haven demand. On Monday, President Trump warned that the US would continue attacking Iran until it was no longer capable of posing a threat, signaling that the conflict could last for a month or “far longer.” Meanwhile, Iran declared the Strait of Hormuz closed and threatened to target any vessels attempting to transit the critical energy corridor. The escalation in conflict drove oil prices sharply higher, intensifying concerns over inflationary pressures in the US. This, in turn, triggered a sell-off in Treasuries and reduced bets of further interest rate cuts by the Federal Reserve. Markets now see the next Fed rate cut likely around September, later than previously anticipated.