This morning in the light Asian session gold is flat trading at 1645.05 after closing on the COMEX at 1645.10 on Wednesday. Gold fell yesterday after data showed disappointingly small growth in U.S. retail sales in January, while some investors stayed at the sidelines ahead of a G20 meeting later this week, which is expected to set the tone for the gold trade. The Commerce Department said yesterday U.S. retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, setting up the economy for only modest growth in the first quarter. This was expected as the 2% payroll tax increase kicked in earlier in the month after negotiations of the Fiscal Cliff over the New Year’s holiday.
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