Cooling inflation data is allowing the Federal Reserve to begin a "very reasonable" shift toward easing rates, but a still-strong U.S. labor market means that there's no rush to make decisions, International Monetary Fund chief economist Pierre-Olivier Gourinchas told Reuters.

Costco customers, central banks and other investors have been buying gold like its 1849, but analysts are struggling to understand why—or figure out when the run will end. The latest rally saw on Tuesday saw gold rise as high as $2,