Gold wavered after a two-day decline, as traders assessed US President Donald Trump’s latest threat to destroy Iranian infrastructure and the impact of a protracted war on economic growth.

Gold prices were muted on Tuesday ‌as nervy investors stayed on the sidelines ahead of a deadline set by U.S. President Donald Trump for Iran to reopen the Strait of Hormuz.

President Trump renewed threats of attacks on Iran if the country does not agree to a deal to reopen the Strait of Hormuz by his Tuesday night deadline. The warnings came on Monday as the president gave more details on the rescue of a missing American airman shot down over Iran on Friday.

President Donald Trump is extending his deadline for Iran to open the Strait of Hormuz, promising strikes if the country does not comply. Mary Ann Ahern reports.

President Trump escalates threats against Iran, warning of strikes on infrastructure unless the Strait of Hormuz is reopened by Monday. The conflict intensifies with airstrikes and rising oil prices.

Among those killed in one of the attacks was the head of intelligence for Iran’s paramilitary Revolutionary Guard, Maj. Gen. Majid Khademi, Iranian state media said.

President Trump warned Saturday that Iran has 48 hours to reopen the Strait of Hormuz or reach a peace deal — or face new U.S. military strikes on its energy infrastructure. A national address from the president failed to calm markets as the Iran war dominates fiscal conversation.