Weak dollar, improving data on housing, consumer spending send commodity prices higher

Weak dollar, upbeat data support commodities

NEW YORK — A weak dollar and more upbeat data on the economy is making a strong case for buying precious and industrial metals.

Commodity prices are higher for a fourth day in a row as the National Association of Realtors says pending home sales rose in June by more than analysts had expected.

It was the fifth straight month that sales increased. Meanwhile, the Commerce Department says consumer spending rose slightly more than anticipated.

As more data suggests the economy is heading toward recovery, investors believe demand for basic materials will pick up.

A weaker dollar is making commodities more attractive to foreign buyers.

Gold for December delivery is up $10.90 to $969.70 an ounce on the New York Mercantile Exchange.