Gold is trading near $4,300 per ounce Tuesday, coiled ahead of what may be the most consequential near-term data release of the year: Wednesday’s May consumer price index. With the Federal Reserve having held rates steady for months in the face of stubborn inflation, and markets increasingly pricing the possibility of hikes rather than cuts, a single CPI reading now carries enough weight to either extend the precious metal’s painful correction from its January all-time high or ignite the relief rally bulls have been waiting for. The stakes could hardly be higher. Gold set a record of $5,595 per ounce on January 29 ... (full story)