Better-than-expected first time unemployment benefit claims last week sent gold down sharply in Thursday trading. Investors interpreted signs of an improving job market as a signal that the Federal Reserve could begin tapering its monthly bond buying in the short term.

Gold futures for December delivery dropped 2.4% to $1,330.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,366.20 and as low as $1,325.60. Gold bullion closed in London at $1,328, according to BullionVault.

Silver futures for December delivery plunged 4.4% to $22.15 per ounce. Thursday’s high for silver was $23.27, while the low was $22.06.

Gold and silver funds sank in Thursday trading.

• The SPDR Gold Shares (GLD) fell 3.1%.
• The iShares Gold Trust (IAU) dropped 3%.
• The iShares Silver Trust (SLV) tumbled 5.6%.

Gold and silver mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (GDX) slid 5.8%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) plummeted 7.1%.
• The Global X Silver Miners ETF (SIL) plunged 5.2%.

Gold mining shares dropped sharply on Thursday.

• Agnico-Eagle Mines (AEM) declined 5.6%.
• Barrick Gold (ABX) decreased 5.5%.
• Eldorado Gold (EGO) plunged 7.7%.
• Goldcorp (GG) fell 6.5%.
• Kinross Gold (KGC) sank 5.9%.
• Newmont Mining (NEM) moved down 4.2%.
• NovaGold Resources (NG) waned 2.2%.
• Yamana Gold (AUY) slid 4.6%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE) sank 4.5%.
• Hecla Mining (HL) dropped 5.1%.
• Pan American Silver (PAAS) fell 4.7%.
• Silver Wheaton (SLW) declined 5.2%.
• Silver Standard Resources (SSRI) plunged 7.9%.

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.