A weaker dollar and jitters about the U.K.'s exit from the European Union helped lift gold to a two-month high on Tuesday, says Dow Jones.

Gold gained 1% to $1,216.38 a troy ounce in midmorning trade, on course for its highest close since Nov. 16, ahead of a speech from Prime Minister Theresa May at 11:45 GMT that is expected to flesh out her plan for bringing the U.K. out of the bloc.

"Depending on how confrontational May's line proves vis-à-vis the EU, gold could be in considerable demand during the course of the day," wrote analysts at Commerzbank.

Mrs. May is set to declare that Britain doesn't want "partial membership" in the EU "or anything that leaves us half-in, half-out," according to excerpts of a speech released by her office.