Gold fell to around $4,250 an ounce on Monday, nearing its lowest level in seven weeks, as stalled US-Iran negotiations kept oil prices elevated and strengthened expectations for additional Federal Reserve tightening to contain inflation. President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, saying Tehran had overplayed its hand while adding that he expects talks to resume this week. Iran said it would not ease its conditions for reopening the strategically important waterway. Several Federal Reserve officials pointed to resilient economic growth and a strong labor market as reasons further rate hikes could be needed. Cleveland Fed President Beth Hammack also cited government-debt concerns as a factor behind higher long-term Treasury yields. Investors are awaiting the Federal Reserve’s preferred inflation gauge and key US jobs data due this week for further indications of the monetary-policy path.