Gold traders are holding their breath. With the U.S. Consumer Price Index report due out and expected to move markets, the metal climbed to roughly $4,400 an ounce on Wednesday, extending a rally that has investors weighing how the next reading on gold price inflation trends could reshape the Federal Reserve’s rate path. Add in a tense standoff over the Strait of Hormuz and a steady stream of Chinese central bank purchases, and gold’s latest push looks less like a fluke and more like a convergence of forces all pointing the same direction.