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Gold Prices Slip As Fears Of No-deal Brexit Ease

Gold prices dipped on Thursday and the dollar index held steady, as Brexit-related worries eased and investors took mixed data from China in their stride.

Spot gold edged down 0.8 percent to $1,298.30 per ounce, after touching its highest level since March 1 at $1,311.07 on March 13. U.S. gold futures were down 0.85 percent at $1,298.35 an ounce.

The pound consolidated after British lawmakers rejected a no-deal Brexit, paving the way for a vote later today that could delay Brexit until at least the end of June.

The House of Commons will vote later today on whether to ask the EU to delay Brexit by up to three months.

If all member countries approve, the EU can grant such a request at a March 21-22 summit in Brussels.

On the data front, U.S. producer prices barely rose in February, reinforcing investor views that the Federal Reserve would be patient on future rate hikes.

Elsewhere, key data from China proved to be a mixed bag.

Growth in China's industrial output fell to a 17-year low in the first two months of the year, but retail sales and fixed asset investment data topped forecasts, leaving investors wondering about the impact of tariffs.

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