%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Gold's price continues to decline as signs of a wider Middle East war and rising oil prices fuel inflation concerns and reduce expectations for interest rate cuts this year. Spot gold's (TVC: $GOLD ) price is currently at $4,751.00 U.S. per ounce, having fallen steadily since hitting an all-time high near $5,500 U.S. an ounce in January of this year. The latest drop in gold comes after the U.S. military said it will begin a blockade of all maritime traffic entering and exiting Iranian ports and coastal areas. The U.S. is establishing a blockade after peace talks held over the weekend failed to bring about an agreement to end the war between the U.S., Israel and Iran. As a result, crude oil prices are up 8% and back above $100 U.S. a barrel on April 13. The rise in oil has sparked fears of a rise in inflation that could prevent interest rate cuts this year. As a non-yielding asset, gold's price tends to rise when interest rates move lower. At the same time, the U.S. dollar has risen to a one-week high, making gold priced in America's currency more expensive for holders of other currencies. Spot gold's price has now fallen more than 10% since the Iran war began on Feb. 28. Futures markets are now pricing in a 16% chance of a U.S. interest rate cut of at least 25-basis points this year. A few weeks ago, markets were pricing in at least two 25-basis point rate cuts from the U.S. Federal Reserve this year, one in June and another in September.