The gold price advanced higher Tuesday morning

The gold price advanced higher Tuesday morning, climbing back near $1,550 per ounce. The price of gold traded as high as $1,545 per ounce, rising on the back of broad-based weakness in the U.S. dollar. The U.S. dollar traded lower against most of its trading partners, notably the euro. The euro climbed to 1.437 against the dollar early Tuesday.

Dollar weakness helped drive commodity prices higher across the board as oil and copper rose over 1% each to $94.51 per barrel and $4.14 per pound, respectively. Optimism that Europe’s core – Germany and France – would not turn their backs on Greece helped drive a gain in the euro and boosted equity prices overseas.

The gold price began the week on a quiet note, hovering near $1,540 per ounce for most of the day yesterday. Stability in the gold price came amid a quiet day in both precious metals and foreign exchange markets. Silver inched higher, by $0.11 to $35.99 per ounce, while the euro currency rose 0.2% to 1.4299 against the U.S. dollar.

The gold price has held firm as uncertainty has risen over a potential fresh bailout for Greece after European finance ministers chose to delay their decision on providing the debt-plagued nation with another €12 billion ($17 billion) in financial aid funds. In an official statement, the euro zone policymakers stated that they expect the payment – which is part of a €110 billion bailout package from the European Union (EU) and International Monetary Fund (IMF) – to be made to Greece by the middle of next month.