Gold posted a small gain in light Monday trading as investors pondered recent remarks by a Federal Reserve official, trying to guess when the central bank will begin cutting back its monthly bond-buying.

Driving the latest round of speculation were comments by St. Louis Fed President James Bullard, suggesting that the Fed could start modestly tapering stimulus as soon as this month. The Fed will hold its monthly Federal Open Markets Committee meeting next week.

Gold futures for February climbed 0.4% to $1,229 per ounce on Monday, according to CME Group. Gold traded as high as $1,237.60 and as low as $1,224.60. Bullion closed in London at $1,243, according to BullionVault.

Silver futures for March delivery added 0.9%, rising to $19.70 per ounce. Monday’s high for silver was $19.81, while the low was $19.44.

Metal funds improved on Monday.

• The SPDR Gold Shares (GLD) climbed 1%.
• The iShares Gold Trust (IAU) rose 0.8%.
• The iShares Silver Trust (SLV) gained 2.4%.

Mining ETFs advanced during the day.

• The Market Vectors Gold Miners ETF (GDX) added 2.5%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) also increased 2.5%.
• The Global X Silver Miners ETF (SIL) moved up 1.1%.

Gold stocks climbed on Monday.

• Agnico-Eagle Mines (AEM) rose 1.9%.
• Barrick Gold (ABX) surged 3.9%.
• Eldorado Gold (EGO) jumped 2.8%.
• Goldcorp (GG) edged up 0.1%.
• Kinross Gold (KGC) added 0.8%.
• Newmont Mining (NEM) improved 2.4%.
• NovaGold Resources (NG) moved up 1.6%.
• Yamana Gold (AUY) gained 3%.

Silver mining shares moved higher during the day.

• Coeur d’Alene Mines (CDE) added 1.7%.
• Hecla Mining (HL) rose 2.7%.
• Pan American Silver (PAAS) gained 3.4%.
• Silver Wheaton (SLW) increased 2.9%.
• Silver Standard Resources (SSRI) jumped 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.