%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The price of gold bullion is falling to begin June as ongoing fighting between the U.S. and Iran renews fears of a sharp rise in inflation and the interest rates used to lower it. Renewed missile strikes between the U.S. and Iran pushed the American dollar and oil prices higher, fueling fears of inflation and reinforcing higher-for-longer interest rates. Spot gold's price is down 2% and trading at $4,491.20 U.S. per ounce on June 1 after hitting a two-week high on May 29. Gold's price declined in May for a fourth consecutive month as the prospect of higher interest rates continues to weigh on the precious metal. As a non-yielding asset, gold's price does better when interest rates move lower. A rising U.S. dollar is also putting downward pressure on gold as the greenback competes with bullion as a store of value and makes gold more expensive for holders of other currencies. At the same time, crude oil prices are up more than 3% on June 1 amid reports that the U.S. and Iran are exchanging military fire. The rise in tensions raises the prospect that the Strait of Hormuz waterway, where 20% of the world's crude oil is shipped, will remain closed for an extended period. In addition to gold (TVC: $GOLD ), silver's price is down 1.30% on June 1 and trading at $74.89 U.S. an ounce.