Gold fell around 2.5 percent on Tuesday, posting its largest two-day loss in nearly three months, as the dollar rallied after the Federal Reserve held its policy steady with no new market stimulus.

the Chicago Mercantile Exchange (CME) raised the margins on gold futures by 22%, effectively reducing the demand for gold. CME group is the world’s largest gold futures market which takes measures to reduce certain risks associated with volatility.

Australian stocks are set to open higher on Tuesday, following a firm finish on Wall Street, on growing optimism that Greece will avoid a debt default. Stock index futures rose 1.1 percent to 4,491.0, a 29.2-point premium to the underlying S&P/ASX 200 index . The benchmark fell 1 percent on Monday.