Gold fell to a five-week low in Monday trading after news reports indicated that the G-7 was preparing to issue a statement announcing a commitment to curtail currency devaluations. The statement was expected to be released before this week’s G-20 meeting in Moscow.

Gold futures for March delivery sank more than 1% to $1,648.40 on Monday, according to CME Group. Gold traded as high as $1,669.10 and as low as $1,643.70. Gold bullion closed in London at $1,652, according to BullionVault.

Silver futures for March delivery slid about 1.7% to $30.91 per ounce. Monday’s high for silver was $31.54 an ounce, while the low was $30.82.

Gold and silver funds dropped in Monday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 1.2%.
• The iShares Gold Trust (NYSE:IAU) declined 1.1%.
• The iShares Silver Trust (NYSE:SLV) slid 1.5%.

Gold and silver mining ETFs also retreated during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) sank 2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) tumbled 2.6%.
• The Global X Silver Miners ETF (NYSE:SIL) moved lower 1.4%.

Gold mining shares moved lower on Monday.

• Agnico-Eagle Mines (NYSE:AEM) dropped 2.8%.
• Barrick Gold (NYSE:ABX) slipped 1.3%.
• Eldorado Gold (NYSE:EGO) dropped 2.6%.
• Goldcorp (NYSE:GG) declined 2.2%.
• Kinross Gold (NYSE:KGC) fell 2.1%.
• Newmont Mining (NYSE:NEM) dipped 1%.
• NovaGold Resources (AMEX:NG) retreated 2.7%.
• Yamana Gold (NYSE:AUY) plunged 4.8%.

Silver mining shares also pulled back.

• Coeur d’Alene Mines (NYSE:CDE) slipped 0.5%.
• Hecla Mining (NYSE:HL) declined 1.3%.
• Pan American Silver (NASDAQ:PAAS) fell 1.7%.
• Silver Wheaton (NYSE:SLW) sank 2.2%.
• Silver Standard Resources (NASDAQ:SSRI) dropped 1.2%.

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.