December Gold and December Silver soared overnight as investors continued to buy precious metals amid concerns that peripheral debt problems in the Euro Zone may continue to escalate.

Traders are also buying on talk of renewed interest in returning to the gold standard. This move will mean central banks will have to buy gold for their reserves.

The Australian Dollar rebounded on Tuesday following a three-day setback boosted by stronger U.S. equity markets and increased demand for currency-linked commodities. Speculation mounted that the central bank would raise interest rates before the end of the year following news that the Asian Development Bank increased its growth forecast for China.