Gold slipped to around $4,330 an ounce as hawkish comments from Federal Reserve officials strengthened expectations that US interest rates will stay elevated for longer. The US central bank raised its policy rate by 25 basis points, or one-hundredth of a percentage point, last week, its first such move in three years. Chair Kevin Warsh and officials including St. Louis Fed President Alberto Musalem and Chicago Fed President Austan Goolsbee indicated that further tightening may be needed to contain inflation driven by strong demand and rising energy prices. The CME FedWatch Tool now shows markets pricing in roughly a 90% probability of another rate increase in December. Oil prices fell for a fifth consecutive session after reports said Iran could reopen the Strait of Hormuz within seven days if the US first takes steps to ease military pressure.