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The troy ounce of the precious metal shot higher in the last minutes and touched its best level since October of 2012 at $1,767.31. As of writing, the XAU/USD pair was up 0.58% on the day at $1,766.

The heavy selling pressure surrounding the greenback seems to be fueling the pair’s rally on Tuesday. Ahead of key macroeconomic data releases from the US, the USD is suffering heavy losses against its major rivals with the US Dollar Index losing more than 0.4% on the day at 96.58.

Moreover, the risk-on market environment seems to be putting additional weight on the USD’s shoulders. At the moment, S&P 500 futures are up 0.78% on the day, suggesting that Wall Street is likely to open the day sharply higher.