The Chinese New Year, also known as the Spring Festival, begins today and formally initiates the Year of the Dog. Trading was quiet in Asia as markets closed in observance of this holiday.

Gold is consolidating following the most considerable one-day price advance since August 2016. On May 18, 2017, gold gained $21 to move from $1237 to $1258.

The most recent economic data released today clearly indicates that as the economy grows inflation is heating up. The consumer price index for January had its most significant increase in five months. Year on year, the consumer price index is up 2.1%.