Gold dropped modestly in Friday trading as investors awaited the implementation of U.S. federal budget cuts under the “sequester.” Last minute talks between White House and Congressional Republicans failed to reach a deal to halt the cuts. The metal marked its third consecutive weekly decline.

Gold futures for April delivery rose to $1574.90 per ounce on Friday, according to CME Group. Gold traded as high as $1,586.90 and as low as $1,564. Gold bullion closed in London at $1,579, according to BullionVault.

Silver futures for April delivery rose fractionally to $28.45 per ounce. Friday’s high for silver was $28.75, while the low was $27.96.

Gold and silver funds mostly slipped in Friday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 0.4%.
• The iShares Gold Trust (NYSE:IAU) dipped 0.3%.
• The iShares Silver Trust (NYSE:SLV) rose 0.3%.

Gold and silver mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) slipped 0.7%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 1.6%.
• The Global X Silver Miners ETF (NYSE:SIL) sank 1.5%.

Gold mining shares were mixed on Friday.

• Agnico-Eagle Mines (NYSE:AEM) edged up 0.1%.
• Barrick Gold (NYSE:ABX) declined 2.8%.
• Eldorado Gold (NYSE:EGO) gained 1.4%.
• Goldcorp (NYSE:GG) edged up 0.2%.
• Kinross Gold (NYSE:KGC) rose 0.4%.
• Newmont Mining (NYSE:NEM) retreated 1.7%.
• NovaGold Resources (AMEX:NG) slumped 1.8%.
• Yamana Gold (NYSE:AUY) increased 0.5%.

Silver mining shares were also mixed.

• Coeur d’Alene Mines (NYSE:CDE) slid 2%.
• Hecla Mining (NYSE:HL) was flat.
• Pan American Silver (NASDAQ:PAAS) fell 1.5%.
• Silver Wheaton (NYSE:SLW) gained 0.4%.
• Silver Standard Resources (NASDAQ:SSRI) sank 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.