Gold futures jumped on Tuesday making their highest in last two weeks in reaction to approval of the second bailout package for Greece. After series of meetings, finance ministers from European Union member countries agreed for a figure of 130 billion euros equivalent to $171.9 billion as the second trench of Greece’s bailout package.

Broker and futures analyst, Frank Lesh from futurePath Trading in Chicago commented, “Gold right now is behaving like a risk asset more than anything else,

Gold futures contract for April delivery gained 1.9 percent or $32.60 to settle at $1,758.50 per ounce on the Comex division of the New York Mercantile Exchange. The respective contract touched its intra-day high of $1,752.50 on Tuesday which was its highest since February 2^nd, 2012.

Gold also gained in reaction to the news that China being the top consumer of the precious metals and other metal commodities, has reduced reserve requirements for lenders to increase liquidity in its financial system. Analysts believed that this is positive for gold in long term as its makes gold an attractive alternative option to major currencies.

Among other metals, silver futures for March delivery surged 3.7 percent or $1.21 to $34.43 per ounce while copper futures contract for the same month soared 3.5 percent or $0.13 to $3.84 per pound.

Platinum futures contract for April delivery surged 3.1 percent or $51 to $1,684.90 per ounce while palladium futures for March delivery advanced 3.3 percent or $22.65 to settle at $710.75 per ounce.