A strengthening U.S. dollar and worries over the timing of the Federal Reserve’s move to reduce its monthly bond-buying sent gold lower in Tuesday trading.

Positive news on U.S. retail sales for July suggested an improving U.S. economy, adding fuel to investor expectations that the Fed will begin tapering economic stimulus sooner than previously anticipated. Fed officials have signaled that the central bank will begin applying the brakes to its stimulus program if the economy continued to show signs of growth.

Gold futures for December delivery fell 1% to $1,320.50 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,341 and as low as $1,317.80. Gold bullion closed in London at $1,324, according to BullionVault.

Silver futures for December delivery was flat at $21.40 per ounce. Tuesday’s high for silver was $21.79, while the low was $21.18.

Gold and silver funds mostly declined in Tuesday trading.

• The SPDR Gold Trust (GLD) fell 1.1%.
• The iShares Gold Trust (IAU) slid 1.2%.
• The iShares Silver Trust (SLV) rose 0.4%.

Gold and silver mining ETFs were mixed during the day.

• The Market Vectors Gold Miners ETF (GDX) sank 2.9%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) dipped 0.2%.
• The Global X Silver Miners ETF (SIL) rose 1.7%.

Gold mining shares sank on Tuesday.

• Agnico-Eagle Mines (AEM) slipped 2.2%.
• Barrick Gold (ABX) fell 2.3%.
• Eldorado Gold (EGO) declined 2.9%.
• Goldcorp (GG) dipped 1.3%.
• Kinross Gold (KGC) dropped 3.2%.
• Newmont Mining (NEM) slid 2.7%.
• NovaGold Resources (NG) moved down 0.7%.
• Yamana Gold (AUY) decreased 1.7%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE) slipped 0.7%.
• Hecla Mining (HL) dropped 2.6%.
• Pan American Silver (PAAS) fell 2.3%.
• Silver Wheaton (SLW) declined 1.5%.
• Silver Standard Resources (SSRI) sank 1.7%.

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.