Gold futures gained on Tuesday and crossed the level of $1,500 per ounce as investors got optimistic for the base metals due to resolution for Greece’s sovereign debt crisis.

Gold futures contract for August delivery gained 0.3 percent or $3.80 to $1,500.20 per ounce on Comex division of New York Mercantile Exchange. The respective contract reached the day’s high of $1,507 per ounce on Tuesday.

Investment analyst Ong Yi Ling from Phillip Futures in Singapore commented, “Gold and commodities have a positive relationship, [gold] is taking its cue from crude oil as well as copper, if there’s greater optimism, then commodities rally. The safe-haven buying is not really coming in for gold at this point in time.”

Another, positive news that contributed to the surge of precious metal was the key housing index which increased for the first time in last eight months. However consumer confidence declined to 58.5 for the month of June as compared to 61.7 in May which was the lowest in last eight months.

Weakening dollar is also a very important factor behind the price appreciation of commodities. The dollar index DXY which measures the US dollar’s performance against its major counterparts dropped to 75.065 on Tuesday as compared to 75.452 on Monday’s late trading hours.

Among other metals silver futures contract for July delivery jumped 0.2 percent or $0.05 to $33.64 per ounce. Copper futures contract for September delivery gained 1 percent or $0.04 to $4.11 per pound.

Platinum futures contract for July delivery advanced 1.1 percent or $18.70 to $1,691.70 per ounce while its palladium futures contract for September delivery gained 1.5 percent or $10.55 to $735.15 per ounce.