Gold futures jumped more than 3 percent on Tuesday after series of bearish sessions as rumors of permanent solution for European debt crisis were floating in the market.

Gold futures contract for December delivery gained 3.6 percent or $7.70 to settle at $1,652.50 per ounce on Comex trading of the New York Mercantile Exchange. The respective contract touched the day’s high of $1,679.20 per ounce.

Investors were hopeful on the latest talks over euro zone’s sovereign debt crisis which made traders switch their focus toward the safe haven status of gold.

Silver futures contract for December delivery surged 5.2 percent or $1.56 to $31.54 per ounce. Analyst James Moore from TheBullionDesk commented, “The rise in risk sentiment has also reduced the rush to generate cash, taking the pressure off the precious metals, remains vulnerable to further bouts of liquidation.”

Among other positive news was the improved consumer confidence which increased to 45.4 for the month of September as compared to 45.2 in the month of August.

Copper futures contract for December delivery gained 4.8 percent or $0.16 to settle at $3.44 per pound. Platinum futures contract for October delivery soared 1.8 percent or $27.10 to $1,574 per ounce while palladium futures contract for December delivery advanced 3.6 percent or $22.55 to $649.95 per ounce.