Gold is up as updated Brexit deal drags the dollar down

Gold gains as dollar dips on tame US data Brexit vote in focus

As of 0104 GMT, spot gold was down 0.1 percent at $1,293.17 per ounce.

Gold and the dollar usually move in opposite directions.

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

Meanwhile, US consumer prices rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in almost 2-1/2 years, supporting the Federal Reserve's "patient" stance on USA interest rate hikes. Tepid inflation and disappointing producer price data this week support the Fed's stance of keeping interest rates on hold, denting the dollar and lifting demand for non-interest-yielding gold. The US central bank's rate-setting committee will issue its next policy statement following its March 19-20 meeting.

The dollar edged lower against major currencies following the USA retail sales data and a rally in the pound. "Metals technically have more upside to go just on rising geopolitical uncertainty, specifically what's going on in Britain", Haberkorn added.

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In the worldwide market, gold scaled to its near two-week high on Wednesday, reclaiming the $1,300 level in a previous session, after British lawmakers rejected Prime Minister's Teresa May's amended Brexit deal. The country's political crisis has deepened because it does not have a deal yet with the deadline of 29 March for the planned departure drawing closer. "This should support gold prices", analysts at ABN Amro said in a note.

"Safe-haven buying has mostly been localised, but a no-deal Brexit could trigger a more widespread flight to safety", Suki Cooper, precious metals analyst at Standard Chartered Bank, said in a note.

Gold rose on Tuesday as the dollar weakened after the European Commission agreed to amendments to the UK's Brexit deal, although gains were limited as the agreement also buoyed sentiment for riskier assets.

Among other precious metals, palladium was up 0.2 percent at 1,539.55 per ounce, while platinum gained 0.8 percent to $831.53. The pound soared after the vote and was last trading up 0.14 percent to $1.3091.

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