Gold weakened below $4,700 an ounce on Thursday, sliding for the third straight session as rising US inflation reinforced expectations that the Federal Reserve could keep interest rates higher for longer or even hike them. Data released Wednesday showed US wholesale inflation accelerated in April to its fastest pace since 2022, fueled by higher trade and energy costs linked to the Iran war. The report followed Tuesday’s data showing consumer inflation climbed to 3.8% last month, the highest reading since May 2023. Investors have now fully ruled out a Fed rate cut this year, while increasingly expect a greater likelihood of another rate hike before year-end. Although gold is traditionally viewed as a hedge against inflation, higher interest rates tend to pressure the non-yielding asset. Meanwhile, markets are also closely watching President Trump’s visit to China for signs of progress on the fragile trade truce and developments surrounding the Iran conflict.