Gold futures gained on Thursday in reaction to agreement of Greece’s leaders for austerity deal while European Central Bank decided to keep moving in direction of monetary easing.

Gold futures contract for April delivery gained 0.6 percent or $9.90 to settle at $1,741.20 per ounce on the Comex trading of the New York Mercantile Exchange. The respective contract touched its intraday high of $1,755.50 per ounce on Thursday.

According to most analysts the Greek deal and ECB decision support the euro which resulted in weakening of the greenback making precious metal less expensive for investors of other currencies.

The dollar index DXY which measures the US dollar’s performance against its six major rivals fell to 78.561 on Thursday as compared to 78.589 on Wednesday’s North American trading session.

Senior analyst, Darin Newsom from Telvent DTN commented, “Thursday’s trading was all about the dollar, and the Greek deal is supporting the euro, weakening the greenback, gold is trading opposite the U.S. dollar index again, fundamentals have been tossed out the window for now with the main driver being the direction of the dollar. Gold, crude oil, and most other commodities are rallying.”

Among other metals, copper futures contract for March delivery jumped 1.8 percent or $0.07 to settle at $3.98 per pound while silver for the same month gained 0.6 percent or $0.21 to $33.92 per ounce.

Platinum futures for April delivery fell $0.50 to $1,667.60 per ounce while palladium futures for March declined 0.6 percent or $4.60 to settle at $711.30 per ounce.