Gold gave back Wednesday’s gains on Thursday, spurred in part after the Commerce Department announced that personal incomes in the U.S. rose 2.6% last month, easily beating the 0.8% gain forecast by economists, and suggesting a strengthening U.S. economy.

Gold futures for March delivery dropped almost 1.1% to $1,661.30 on Thursday, according to CME Group. Gold traded as high as $1,680.50 and as low as $1,658.30. The move cemented a loss for January, making it the fourth consecutive month the metal has declined. Gold bullion closed in London at $1,666, according to BullionVault.

Silver futures for March delivery declined 2.6% to $31.35 per ounce. Thursday’s high for silver was $32.13 an ounce, while the low was $31.12.

Gold and silver funds declined in Thursday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
• The iShares Gold Trust (NYSE:IAU) also declined 0.6%.
• The iShares Silver Trust (NYSE:SLV) dropped 1.6%.

Gold and silver mining ETFs also pulled back during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) sank 0.8%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 1.2%.
• The Global X Silver Miners ETF (NYSE:SIL) slid 1%.

Gold mining shares broadly moved lower Thursday.

• Agnico-Eagle Mines (NYSE:AEM) fell 1.8%.
• Barrick Gold (NYSE:ABX) slipped 1.5%.
• Eldorado Gold (NYSE:EGO) declined 1.7%.
• Goldcorp (NYSE:GG) sank 1.8%.
• Kinross Gold (NYSE:KGC) dropped 1.6%.
• Newmont Mining (NYSE:NEM) dipped 0.3%.
• NovaGold Resources (AMEX:NG) fell 0.9%.
• Yamana Gold (NYSE:AUY) moved down 0.8%.

Silver mining shares also retreated.

• Coeur d’Alene Mines (NYSE:CDE) declined 0.6%.
• Hecla Mining (NYSE:HL) sank 0.8%.
• Pan American Silver (NASDAQ:PAAS) slid 0.6%.
• Silver Wheaton (NYSE:SLW) fell 0.4%.
• Silver Standard Resources (NASDAQ:SSRI) dropped 1.1%.

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.