Gold reclaims $980 mark as dollar weakens (ETF: GLD)

goldGold rose Tuesday, trading above $980 an ounce as the dollar fell to the lowest level against the euro in more than five months and lost ground against other major currencies, raising gold’s investment appeal.

The dollar index (DXY), which measures the performance of the greenback against a basket of global currencies, declined for a fourth-straight session.

But serving to limit gold gains, a National Association of Realtors report showed pending U.S. sales of existing homes rose for the third month in a row in April.

The upbeat housing data pushed stocks higher on the heels of Wall Street’s rally Monday and reduced gold’s appeal as a safe haven.

Gold for June delivery recently rose $2.50, or 0.3%, to $981.10 an ounce on the Comex division of the New York Mercantile Exchange. The more active August contract also rose slightly, reaching $982.30 an ounce.

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