(Bloomberg) -- Gold held a decline, as elevated oil prices fueled inflation concerns and clouded the Federal Reserve’s path for interest-rate hikes.Bullion was trading at around $4,135 an ounce, after falling 0.6% in the previous session. Oil hovered near a five-month high after Iran said it has “no choice” but to assert control over the Strait of Hormuz, while US lawmakers resisted President Donald Trump’s diesel export deal with Russia.Traders are trying to anticipate the Fed’s next move in its battle to keep inflation in check.