Bullion fell as much as 0.8 per cent in its biggest intraday decline since July. Oil prices rose as Iran reiterated plans to keep the waterway shut until its demands are met. Despite those gains, bullion remains about 17 per cent below levels before the Iran war began in late February. Spot gold fell 0.5 per cent to US$4,369.15 an ounce at 4.40 pm in New York. Silver dropped 1.7 per cent.