Gold Holds Decline as Rising US Inflation Raises Rate-Hike Bets

Gold held a decline as a resurgence in US inflation reinforced bets the Federal Reserve will keep interest rates higher for longer.

Bullion was trading near $4,700 an ounce, after dropping 0.6% on Wednesday on data showing US wholesale inflation accelerated in April to the fastest pace since 2022. Treasury 10-year yields rose toward the highest since July. That’s negative for gold as it pays no interest.