BL:Gold edged up as the dollar weakened against the euro
Gold edged up along with major commodities in Asian trade Tuesday as the dollar weakened against the euro.
Gold for immediate delivery was seen trading at $ 1500.24 an ounce at 1.00 p.m Singapore time while
Gold for August delivery /quotes/zigman/700181 added $3.20, or 0.2%, to $1500.13 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
Analysts said the yellow metal is likely to extend gains during the day as the euro rallied on hopes that Greece's parliament will pass an austerity plan to avoid a sovereign debt default.
A weaker dollar lent support for bullion prices, as the euro extended gains from the previous session on expectations that Greece's parliament will approve a fiscal austerity package needed for the country to get emergency aid.
The U.S economy continued to show signs of deceleration, as consumer spending failed to rise in May, breaking 10 straight months of gains.
Gold futures settled modestly lower Monday, ending under $1,500 a barrel as declines for other commodities took away some of the metal's appeal as an inflation hedge.
Gold for August delivery retreated $4.50, or 0.3%, to $1,496.40 an ounce on the Comex division of the New York Mercantile Exchange. It was gold's lowest settlement and the first below $1,500 an ounce since May 19.
