An agreement between Democrats and Republicans in Congress to extend the nation’s borrowing limit until early February and end the U.S. government shutdown sent gold up sharply in Thursday trading.

Investors appeared to interpret the deal as a signal that the government would not reduce economic stimulus — in the form of the Federal Reserve’s monthly bond-buying — in the near-term. The U.S. dollar declined against other currencies.

Gold futures for December delivery jumped 3.2% to $1,323 per ounce on Thursday, according to CME Group. Gold traded as high as $1,324.20 and as low as $1,273.70. Bullion closed in London at $1,316, according to BullionVault.

Silver futures for December gained 2.7% to $21.95 per ounce. Thursday’s high for silver was $22.20, while the low was $21.10.

Metal funds climbed in Thursday trading.

• The SPDR Gold Shares (GLD) rose 3.2%.
• The iShares Gold Trust (IAU) added 3%.
• The iShares Silver Trust (SLV) gained 2.5%.

Mining ETFs jumped during the day.

• The Market Vectors Gold Miners ETF (GDX) increased 5.3%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) surged 5.7%.
• The Global X Silver Miners ETF (SIL) moved up 6.3%.

Gold mining shares advanced strongly on Thursday.

• Agnico-Eagle Mines (AEM) gained 6.1%.
• Barrick Gold (ABX) rose 4.9%.
• Eldorado Gold (EGO) soared 9.4%.
• Goldcorp (GG) increased 3.8%.
• Kinross Gold (KGC) moved up 3.6%.
• Newmont Mining (NEM) climbed 4.6%.
• NovaGold Resources (NG) surged 7.5%.
• Yamana Gold (AUY) added 2.6%.

Silver mining shares moved higher during the day.

• Coeur d’Alene Mines (CDE) rose 3.1%.
• Hecla Mining (HL) rose 2.9%.
• Pan American Silver (PAAS) climbed 5.2%.
• Silver Wheaton (SLW) added 4.6%.
• Silver Standard Resources (SSRI) jumped 6.5%.

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.