Gold held a three-day decline, as fresh attacks on ships in the Middle East added to inflationary risks and raised prospects for a US interest-rate hike. Bullion was little changed near $4,350 an ounce, having dropped 2.6% over the last three sessions. US forces destroyed five Iranian tankers carrying crude near Kharg Island, the Islamic Republic’s main oil export hub, in response to attempted missile attacks on an American warship.

That raised fears of an escalation in the months-long war and spooked energy markets.