Gold prices gain as dollar slips following weak U.S. economic data

Underwhelming economic data from the U.S. benefited the price of gold of Wednesday as the yellowish metal gained for a second consecutive session, Reuters reports.

The day after pushing past $1,600 per troy ounce, bullion continued driving higher after the world's reserve currency felt the pinch of retail sales dropping in May, a second consecutive month that also demonstrated the sharpest losses in two years. Also benefiting the price of gold on Wednesday was ongoing damages imparted by the euro debt scourge.

"The sovereign-debt crisis can be expected to keep the markets on tenterhooks for quite some time yet and cause demand for gold to pick up again," states a client note authored by Commerzbank, according to The Wall Street Journal.

At 1:01 p.m. on Wednesday, gold prices rose 0.17 percent, a $2.80 gain to $1,616.60 per troy ounce.

Greece - the two-time recipient of bailout aid since June 2010 due to the voracity, aggressive sovereign debt crisis - is set for another two-time experience this Sunday when it conducts national elections. The Aegean nation's first shot at the electoral process in early May did not produce a clear victor.