Gold prices could be impacted by the recent rise in inflation. Getty Images

After three consecutive months of declines, inflation rose again in May . That was the big news on Wednesday when the Bureau of Labor Statistics released its latest inflation reading. Now at 2.4%, the Consumer Price Index rose by just 0.1% in the month, but it was a step in the wrong direction as the Federal Reserve hopes to get the rate down to 2%.

"The index for shelter rose 0.3 percent in May and was the primary factor in the all items monthly increase," the Bureau of Labor Statistics noted. "The food index increased 0.3 percent as both of its major components, the index for food at home and the index for food away from home also rose 0.3 percent in May. In contrast, the energy index declined 1.0 perce

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