The cost of goods and services in the United States climbed 0.6% taking inflationary levels to the highest level seen since February 1982.

This week's most important event will occur tomorrow when the Consumer Price Index report for January is published. Last month the CPI index rose to a 40 year high in December, coming in at 7%.

Gold has had respectable gains since January 31 in light of strong headwinds from rising yields in U.S. Treasuries and the Federal Reserve’s anticipated tightening of their monetary policy.