Mumbai, May 16 -- COMEX Gold futures slipped below $4,600 an ounce, retreating from two-month highs as a stronger US dollar and mounting inflation fears pressured precious metals. Persistent inflation fueled by the prolonged Iran war and the closure of the Strait of Hormuz has strengthened expectations of a Federal Reserve rate hike, pushing the dollar index near 99 and weighing heavily on metal prices. Worries over Indian demand trends also played a part in pulling the precious metal lower after India drastically raised the effective import duty on gold and silver from 6% to 15%. The government has also capped gold imports under the Advance Authorisation scheme at 100 kilograms and tightened compliance and monitoring norms for importers in...