(Bloomberg) -- Gold dipped as a flareup in Middle East hostilities raised inflation risks, even as the Federal Reserve is still expected to keep interest rates steady in the near term.Bullion was trading at around $4,120 an ounce, after rising 0.4% in the previous session to snap three days of declines. Oil rose, after a US Department of State order for non-emergency US government employees and their families to leave Saudi Arabia raised concerns of an escalation, and a drone strike on a Saudi Aramco field left two people dead.