Gold fell sharply in Thursday trading, a day after the Federal Reserve said it would further reduce its monthly stimulus. While the metal faded, U.S. stock markets and the U.S. dollar posted gains during the day.

On Wednesday afternoon, the Fed announced plans to reduce its monthly bond-buying by another $10 billion starting in February, following a similar cut last month. Gold had settled higher on Wednesday prior to the Fed’s announcement.

Gold futures for April delivery sank 1.6% to $1,242.50 per ounce on Thursday, according to CME Group. Gold traded as high as $1,267.80 and as low as $1,237.50. Bullion closed in London at $1,246, according to BullionVault.

Silver futures for March delivery slid 2.2%, to $19.13 per ounce. Thursday’s high for silver was $19.73, while the low was $18.97.

Metal funds declined on Thursday.

• The SPDR Gold Shares (GLD) fell 2.2%.
• The iShares Gold Trust (IAU) sank 2.3%.
• The iShares Silver Trust (SLV) moved down 2.8%.

Mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (GDX) slid 2.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 3.7%.
• The Global X Silver Miners ETF (SIL) faded 2.3%.

Gold stocks sank on Thursday.

• Agnico-Eagle Mines (AEM) dropped 3%.
• Barrick Gold (ABX) slipped 1.5%.
• Eldorado Gold (EGO) declined 3.8%.
• Goldcorp (GG) fell 2.4%.
• Kinross Gold (KGC) dipped 1.6%.
• Newmont Mining (NEM) decreased 3.1%.
• NovaGold Resources (NG) faded 2.6%.
• Yamana Gold (AUY) edged lower 0.6%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE) slid 1.4
• Hecla Mining (HL) fell 2.2%.
• Pan American Silver (PAAS) dipped 0.6%.
• Silver Wheaton (SLW) declined 1.4%.
• Silver Standard Resources (SSRI) sank 1.6%.

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.