Gold was steady as traders assessed the deadlock in the Strait of Hormuz that has sent oil prices higher and added further fuel to inflation concerns.

Bullion traded near $4,740 an ounce, after gaining 0.4% on Monday. Trump called Iran’s response to last week’s US peace proposal “a piece of garbage” and said the fragile ceasefire in the Strait of Hormuz was on “massive life support,” providing no end in sight to the conflict that has roiled global energy markets.