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Gold prices pulled back slightly on Wednesday as the dollar rallied, limiting the hedge appeal of the precious metal. Gold has been bouncing back and forth around the $1100 mark following a recent run to record highs above $1200.
Gold for April eased $6 to settle at $1112 an ounce, paring some of this week's solid gains. Last week, gold slipped to near $1075 after China shut off its lending spigot, generating demand concerns.
US Private sector employment fell by a little less than anticipated in January, marking the smallest drop in jobs since employment began falling in February of 2008, payroll company Automatic Data Processing said this morning.
Non-farm private employment fell by 22,000 jobs in January following a revised decrease of 61,000 jobs in December. Economists had been expecting employment to decrease by about 30,000 jobs compared to the loss of 84,000 jobs originally reported for the previous month.
The dollar snapped back versus the euro on Wednesday, heading back toward a 6-month peak near 1.5850.
Gold could move tomorrow along with currencies if the European Central Bank or Bank of England surprise with their respective interest rate decisions.
Eurozone retail sales stagnated at the end of 2009 as consumers tightened spending despite Christmas season.
The volume of retail trade remained flat in December from November, the latest report from the Eurostat showed Wednesday, defying expectations for an increase of 0.4%.
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