Gold fell below $4,400 an ounce on Tuesday after earlier reaching a two-month high, as investors locked in gains from a recent rally and reassessed how rising oil prices could feed inflation and shape interest rate expectations. Support for bullion remained visible from China, where institutional investors continued building positions as a hedge against volatility in other markets, gold-backed exchange traded funds extended their longest streak of inflows in months, and the central bank added about 20 tons to reserves in July after buying around 15 tons in June, the biggest monthly increase since October 2023. Traders were also watching uncertainty around a possible U.S.-Iran agreement to end the war and reopen the Strait of Hormuz, while key U.S. inflation data later this week was seen as the next major signal for the Federal Reserve's policy path.