(Bloomberg) -- Gold extended a decline with the indefinite closure of the Strait of Hormuz continuing to heighten inflation risks and the Federal Reserve signaling the war in Iran is clouding the economic outlook. Most Read from Bloomberg Bullion dipped as much as 1.9% to trade just above $4,500 an ounce, after falling 2.4% over the previous two sessions. The US signaled it would stick with a naval blockade of Iranian ports, as it tries to choke off Tehran’s oil exports and force it back to the negotiat ...