On Tuesday precious metals gold and silver moved higher driven by light physical buying in Asia as investors scrutinize the currency market for direction.

The euro held steady above a seven-week low hit on Monday after euro zone finance ministers approved a three-year, 78-billion euro emergency loan program for Portugal, easing worries over the region's sovereign debt crisis.

"People don't have a clear idea where things will go from here, and are following the euro closely," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

Physical buying in Asia helped offset the slightly stronger dollar, which edged up 0.2 percent against a basket of currencies.

"There is some physical buying in Asia. The Chinese may be purchasing during our time zone, but prices could test lower levels once Europe and New York markets open," said a Hong Kong-based trader.

Spot gold edged up 0.3 percent to $1,493.66 an ounce by 0540 GMT. U.S. gold futures GCcv1 inched up 0.2 percent to $1,493.50.

News that billionaire financier George Soros dumped almost his entire $800 million stake in bullion in the first quarter was not expected to trigger major moves in prices, as it was leaked in media reports earlier in the month, traders said.

Precious metals prices 0540 GMT

Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1493.66 4.46 +0.30 5.23
Spot Silver 33.74 0.18 +0.54 9.33
Spot Platinum 1767.24 16.04 +0.92 -0.01
Spot Palladium 715.72 7.89 +1.11 -10.48
TOCOM Gold 3922.00 24.00 +0.62 5.18 45270
TOCOM Platinum 4682.00 67.00 +1.45 -0.30 13921
TOCOM Silver 88.30 -1.70 -1.89 9.01 2227
TOCOM Palladium 1886.00 39.00 +2.11 -10.06 378
COMEX GOLD JUN1 1493.50 2.90 +0.19 5.07 8286
COMEX SILVER JUL1 33.78 -0.36 -1.05 9.16 6050
Euro/Dollar 1.4171
Dollar/Yen 81.44

TOCOM prices in yen per gram. Spot prices in $ per ounce.