Gold traded in a narrow range around $4,400 an ounce as renewed military clashes involving the United States and Iran in the Strait of Hormuz supported haven demand but raised oil prices, inflation risks and expectations for tighter Federal Reserve policy. Spot bullion rose 0.1% to $4,409.68 at 7:18 a.m. in Singapore after falling 1.5% over the previous two sessions. Futures markets priced in roughly a 60% chance of a rate increase at the Fed's September 14-15 meeting after U.S. employers added 162,000 jobs in August, exceeding forecasts. Higher interest rates typically weigh on gold because it does not pay interest, while a weaker dollar supports demand by making bullion cheaper for overseas buyers. Brent crude traded near $97 a barrel and West Texas Intermediate around $92 after Iran said it targeted three oil tankers and several vessels linked to the United States in the Strait of Hormuz, which previously carried about a fifth of global oil supply. Investors are awaiting U.S. producer and consumer inflation data, with the consumer price index viewed as the key near-term catalyst. Analysts cited mixed technical signals, with support around $4,300 and resistance near $4,500. Central-bank purchases, renewed buying by some large asset managers and interest in gold as protection against currency depreciation continue to underpin the medium-term outlook.