Gold rose sharply in Tuesday trading as the U.S. dollar weakened and bargain hunters entered the market. Investor optimism in the metal was also bolstered by recent weak economic reports, suggesting that economic stimulus efforts will continue.

Gold futures for May delivery gained 0.9% to $1,586.30 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,589.70 and as low as $1,570.20. Gold bullion closed in London at $1,587, according to BullionVault.

Silver futures for May delivery surged 2.7% to $27.88 per ounce. Tuesday’s high for silver was $28.02, while the low was $27.14.

Gold and silver funds posted gains in Tuesday trading.

• The SPDR Gold Trust (NYSE:GLD) rose 0.8%.
• The iShares Gold Trust (NYSE:IAU) climbed 0.9%.
• The iShares Silver Trust (NYSE:SLV) soared 2.7%.

Gold and silver mining ETFs surged during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) jumped 4%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 3.7%.
• The Global X Silver Miners ETF (NYSE:SIL) advanced 3.5%.

Gold mining shares increased strongly on Tuesday.

• Agnico-Eagle Mines (NYSE:AEM) gained 4.3%.
• Barrick Gold (NYSE:ABX) added 1.4%.
• Eldorado Gold (NYSE:EGO) surged 5.6%.
• Goldcorp (NYSE:GG) increased 3.4%.
• Kinross Gold (NYSE:KGC) also advanced 3.4%.
• Newmont Mining (NYSE:NEM) rose 2.6%.
• NovaGold Resources (AMEX:NG) climbed 2.8%.
• Yamana Gold (NYSE:AUY) jumped 4.4%.

Silver mining shares moved sharply higher during the day.

• Coeur d’Alene Mines (NYSE:CDE) improved 4.2%.
• Hecla Mining (NYSE:HL) soared 7.2%.
• Pan American Silver (NASDAQ:PAAS) gained 3.8%.
• Silver Wheaton (NYSE:SLW) rose 3.8%.
• Silver Standard Resources (NASDAQ:SSRI) surged 5.7%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.