Most commodities finish higher as investors look past data suggesting inflation is in check

Commodities reverse early losses, move higher

NEW YORK — Prices for commodities like oil and gold are reversing early losses and moving higher as the dollar comes under more pressure.

Most commodities fell in the early going as the Labor Department said consumer prices rose less than expected in May, a signal that the recession is holding down prices and that demand for goods is still sluggish.

But as the dollar weakens further against the euro and the British pound, investors are moving back into commodities and pushing prices higher.

Gold for August delivery is up $3.80 to $936 an ounce on the New York Mercantile Exchange, after earlier falling as low as $928.40. Oil prices have bounced back from a slump this week to finish above $71 a barrel.