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After three consecutive months of declines, . 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 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 percent in May as the gasoline index fell over the month."

While these changes may not be dramatic, they're likely to have an impact on everything from for borrowers to returns for savers to a variety of investments, including alternative ones like gold. has been particularly popular in recent years, thanks to its ability to and . As such, have soared to numerous record highs. But what could the new inflation rise mean for gold prices now? That's what we'll break down below.

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In short, for longer and, potentially, a new price record, depending on market interpretations. That's because inflation and gold prices typically (but not always) have a positive correlation. When the former rises, so does the latter. This is a large reason why . Much of that rise came amid heightened inflation, especially after the . Based on this historical relationship, then, investors and prospective investors could expect gold prices to rise in the days ahead.

That noted, this isn't a guarantee, either. Look at recent months for proof that this relationship doesn't always correspond identically. Inflation declined in February, March and April. But the price of gold rose to numerous new highs during that time, breaking the in March and a in April, with many experts predicting a for later this year. That's partially because other economic indicators, like economic and market uncertainty, outweighed inflation concerns, causing gold prices to spike anyway. 

Finally, it's important to note that this recent inflation uptick was minimal at just 0.1%. While a rise does often lead to a spike in gold prices, this month-over-month increase was not so substantive as to essentially guarantee a rise in gold prices. In other words, gold prices may rise again following this reading, but if they do, that will likely be driven by multiple factors, of which inflation was just one.

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, as tempting as it may be, is generally not a good strategy right now. To begin with, there's no guarantee that prices will fall to a significant level. Historically, accounting for minor declines, gold prices tend to move in a relatively straight, upward fashion. And, as noted, there are more reasons why gold prices will continue to rise now than motivating factors behind a fall. 

Waiting could put investors in a position where they ultimately pay more for the same amount of gold that they could get now, at the "lower" price. Waiting could also mean losing out on the portfolio protections and inflation-hedging ability that gold can offer investors. Additionally, with strategies such as dollar-cost averaging allowing investors to buy in at affordable prices over an extended period and allowing them to invest in amounts less than a traditional ounce, there are still reasonable .

A rise in inflation, even if minimal, could be the motivation behind yet another rise in gold prices. That means investors who want to invest at a reasonable price or who want to be positioned to sell for a quick profit should consider getting started soon. And with multiple ways to do so at today's price, it won't be difficult to do. Just remember to keep gold limited to to avoid overcrowding other assets at the same time.