The gold price climbed higher - $1,520.50 per ounce

The gold price climbed higher Tuesday, gaining $3.35 to $1,520.50 per ounce. The gold price advanced on weakness in the U.S. dollar and on the back of a research report from Goldman Sachs recommending clients “buy” commodities. The U.S. dollar fell against the euro and pound, giving a boost to gold and silver, which rose to $35.89 per ounce – up 2.4% from yesterday’s close.

Gold has held up well in recent weeks despite the weakness that has been prevalent across the commodity complex. Steve Scacalossi, Head of Sales, Global Precious Metals at TD Securities, noted that “Gold has impressed in its resilience ignoring market activity elsewhere and in cross currency terms had another good session overnight making new historic highs in both EUR and GBP.”

European sovereign debt concerns dominated the headlines on Monday, helping push the U.S.-denominated gold price up to $1,515 and the euro gold price to a new record high of €1,080 per ounce. Silver did not fare as well as the gold price, but did manage to close with a fractional gain at $35.11 per ounce. Stability in the price of gold and silver came despite a rally in the U.S. dollar, largely on the back of weakness in the euro. The dollar’s rise put severe pressure on cyclical commodities as copper tumbled 3.2% to $3.99 per pound and oil slid 2.4% to $97.70 per barrel.