Gold futures jumped to the highest in almost three weeks as the dollar’s drop bolstered demand for commodities. Silver, platinum and palladium also surged.

The greenback dropped for the second straight day against a basket of currencies amid signs that European leaders are taking more steps to stem the region’s debt woes. 

Gold futures for February delivery advanced 1.77% to $1,633.40 an ounce. Earlier, the metal reached session high at $1,639.80.