Gold was steady near $4,400 an ounce, as traders weighed the competing effects of Middle East tensions and the US dollar’s decline against the yen. Bullion was little changed in early trading, after giving up 1.5% over the last two sessions. Renewed clashes between the US and Iran in the Strait of Hormuz have raised oil prices and heightened inflationary concerns, with traders pricing in a roughly 60% likelihood that the Federal Reserve will hike interest rates next week.