Gold price traded higher on the uncertainty over the Greek debt talks and speculation on that the Fed may start to hike its interest rate this year

Gold price traded higher on the uncertainty over the Greek debt talks and speculation on that the Fed may start to hike its interest rate this year. The Greek government has provided a new budget proposal to its creditors on Tuesday. Greece hopes to reach a new agreement with its creditors to unlock €7.2 billion new loans.

Greece is running out of cash. It bundled its IMF loans repayments in June. The deadline is June 30. Athens have to repay €1.6 billion IMF loans in June.

German Finance Minister Wolfgang Schaeuble said in Berlin on Tuesday that Greece's creditors were doing everything to keep Greece in the Eurozone. He added that it is now on Greece to deliver reforms.

German Chancellor Angela Merkel said on Monday that time was running out for an agreement to be reached.

The European Central Bank (ECB) Governing Council Member Christian Noyer said on Monday that if Greece had to leave the Eurozone, it would not cause a problem for the Eurozone.

Reuters reported on Monday that Greece's creditors have suggested extending the Greek bailout programme until the end of March 2016, but disagreements over the conditions are risks to this plan.

Gains were limited due to speculation on that the Fed may start to hike its interest rate in September.

June futures for gold on the COMEX today rose to 1181.60 dollars per ounce.