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Gold Inches Higher Ahead Of Brexit Vote

Gold edged up slightly on Tuesday after U.K. Prime Minister Theresa May secured significant changes to her divorce deal from the European Union.

With just over two weeks until the United Kingdom is due to leave the European Union, the British Parliament is due to hold a series of votes on Brexit starting today.

Spot gold edged up 0.2 percent to $1,295.95 per ounce while U.S. gold futures were up 0.35 percent at $1,292.75 an ounce.

The dollar index stayed flat despite stronger than expected retail sales data released overnight.

U.S. retail sales rose 0.2 in January, surprising economists who had expected an unchanged result.

Federal Reserve chairman Jerome Powell said Monday that the U.S. central bank is in no rush to adjust borrowing costs, given muted inflation pressures and a slowing global economy.

A vote in the British parliament on a divorce agreement as well as U.S. consumer inflation data may influence sentiment as the day progresses.

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