Gold fell over 2% this week to $4,270/ounce, as the ongoing Iran standoff continued to fuel expectations of interest rate hikes. The U.S. and Iran remain deadlocked over restoring energy flows through the Strait of Hormuz, with negotiators exploring a phased agreement for Tehran to reopen the critical waterway in exchange for Washington lifting port blockades. High energy prices continue to bolster expectations that the Federal Reserve will need to further raise interest rates to curb inflation.