Gold sank modestly in Tuesday trading after Federal Reserve officials signaled that the central bank could begin scaling back its stimulus as soon as next month.

In a CNBC interview, Dallas Federal Reserve President Richard Fisher said that financial markets should brace themselves for the inevitable tapering of the Fed’s monthly bond-buying.

“Our balance sheet has become bloated, and at some point we will have to taper back on the pace of purchases,” he noted. Similar sentiments were echoed by Dennis Lockhard, president of the Atlanta Federal Reserve, who told Bloomberg Radio that tapering “should be on the table” at upcoming Fed meetings, including the FOMC meeting in December.

Gold futures for December delivery fell 0.8% to $1,271.20 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,285.40 and as low as $1,269.10. Bullion closed in London at $1,271, according to BullionVault.

Silver futures for December dropped 2.3% to $20.79 per ounce. Tuesday’s high for silver was $21.36, while the low was $20.71.

Metal funds declined in Tuesday trading.

• The SPDR Gold Shares (GLD) slipped 1.2%.
• The iShares Gold Trust (IAU) fell 1%.
• The iShares Silver Trust (SLV) sank 3%.

Mining ETFs moved lower during the day.

• The Market Vectors Gold Miners ETF (GDX) waned 2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.6%.
• The Global X Silver Miners ETF (SIL) slid 2.6%.

Gold stocks pulled back on Tuesday.

• Agnico-Eagle Mines (AEM) declined 2.8%.
• Barrick Gold (ABX) dipped 0.9%.
• Eldorado Gold (EGO) moved down 2.7%.
• Goldcorp (GG) sank 2.2%.
• Kinross Gold (KGC) slipped 0.6%.
• Newmont Mining (NEM) fell 2.2%.
• NovaGold Resources (NG) dropped 3.1%.
• Yamana Gold (AUY) decreased 1.9%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE) dipped 0.8%.
• Hecla Mining (HL) tumbled 4.4%.
• Pan American Silver (PAAS) fell 2.7%.
• Silver Wheaton (SLW) declined 1.6%.
• Silver Standard Resources (SSRI) sank 2.4%.

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.