Gold News & Info

Source: Marketwatch

San Francisco— Gold futures inched up Tuesday, just pennies above $1,500 an ounce and after three days of losses as investors appeared more optimistic about a resolution for Greece�s sovereign-debt crisis. Gold for August delivery added $3.80, or 0.3%, to $1,500.20 an ounce on the Comex division of the New York Mercantile Exchange. The metal traded as high as $1,507 an ounce earlier in the session. �Gold and commodities have a positive relationship, [gold] is taking its cue from crude oil as well as copper,� said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

�If there�s greater optimism, then commodities rally. The safe-haven buying is not really coming in for gold at this point in time,� she said. Some optimism on Tuesday came from an increase for a key housing index, but a gauge of consumer confidence fell to its worst in eight months. The Conference Board reported its U.S. consumer-confidence index fell to 58.5 in June from 61.7 in May, as consumers worried about the job market and income. Read more about consumer-confidence data. See full story.