A continuing slide in the value U.S. dollar against other currencies gave gold a boost on Tuesday, sending the metal up sharply as investors looked for investment alternatives to the declining greenback.

Gold futures for February climbed 2.2% to $1,261.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,267.50 and as low as $1,237.40. Bullion closed in London at $1,266, according to BullionVault.

Silver futures for March delivery surged 3.1%, rising to $20.32 per ounce. Tuesday’s high for silver was $20.43, while the low was $19.74.

Metal funds gained on Tuesday.

• The SPDR Gold Shares (GLD) added 1.8%.
• The iShares Gold Trust (IAU) also increased 1.8%.
• The iShares Silver Trust (SLV) rose 2.8%.

Mining ETFs improved during the day.

• The Market Vectors Gold Miners ETF (GDX) jumped 3.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) also advanced 3.7%.
• The Global X Silver Miners ETF (SIL) surged 4.2%.

Gold stocks vaulted higher on Tuesday.

• Agnico-Eagle Mines (AEM) climbed 5.7%.
• Barrick Gold (ABX) rose 5.4%.
• Eldorado Gold (EGO) added 4.4%.
• Goldcorp (GG) increased 3.3%.
• Kinross Gold (KGC) improved 5.5%.
• Newmont Mining (NEM) gained 2.4%.
• NovaGold Resources (NG) soared 6.1%.
• Yamana Gold (AUY) moved up 2.6%.

Silver mining shares advanced during the day.

• Coeur d’Alene Mines (CDE) jumped 5.9%.
• Hecla Mining (HL) added 2.1%.
• Pan American Silver (PAAS) climbed 5.2%.
• Silver Wheaton (SLW) gained 3.3%.
• Silver Standard Resources (SSRI) surged 6.3%.

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.