By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures edged higher on Tuesday, as a weaker dollar and bargain-basement prices enticed investors back to precious metals.
Gold for August delivery GC1Q +0.14% added 40 cents to trade at $1,516 an ounce on the Comex division of the New York Mercantile Exchange, losing some steam as floor trading began.
Silver turned lower, with the July contract SI1N +0.14% retreating 10 cents, or 0.3%, to $34.65 an ounce.
The dollar index DXY +0.08% , which measures the U.S. unit against a basket of six currencies, traded at 74.489 from 74.501 in late North American trading on Monday.
Commodities, which are priced in dollars, often move inversely with the U.S. currency.
Euro-zone leaders are expected to meet and express support of Greece, vowing to secure the stability of the single currency.
Of the broader suite of metals, copper for July delivery HG1N +2.09% advanced 8 cents, or 1.9%, to $4.11 per pound.
Platinum for July delivery PL1N -0.50% declined $12.80, or 0.7% to $1,794 an ounce.
Investors earlier contended with positive macroeconomic data from China. The country’s inflation accelerated within expectations, and industrial production and retail sales posted strong gains. Read more on China data.
In the U.S., wholesale prices rose 0.2% in May, the slowest pace in 10 months, as the cost of food fell and the increase in energy prices tapered off, the Labor Department reported Tuesday. Read more on wholesale prices.
The more closely followed core producer index also rose 0.2% in May. Economists surveyed by MarketWatch had predicted increases of 0.1% for overall producer prices and 0.2% for the core rate. Food costs dropped 1.4% last month.
