Gold settled higher in Wednesday trading ahead of the conclusion of the Federal Reserve’s Federal Open Markets Committee meeting.

The Fed issued a statement during the afternoon indicating that it would further taper its monthly bond-buying by another $10 billion a month, beginning in February. Last month, the Fed cut its monthly stimulus from $85 billion to $75 billion. The latest move reduces Feb bond-buying to $65 billion a month. U.S. stock markets dropped sharply on the news.

Gold futures for February delivery rose 0.9% to $1,262.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,269.30 and as low as $1,248.30. Bullion closed in London at $1,269, according to BullionVault.

Silver futures for March delivery rose 0.2%, to $19.55 per ounce. Wednesday’s high for silver was $19.97, while the low was $19.45.

Metal funds improved on Wednesday.

• The SPDR Gold Shares (GLD) climbed 1.3%.
• The iShares Gold Trust (IAU) rose 1.2%.
• The iShares Silver Trust (SLV) added 1.1%.

Mining ETFs advanced during the day.

• The Market Vectors Gold Miners ETF (GDX) increased 2.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) surged 4.2%.
• The Global X Silver Miners ETF (SIL) moved up 3.1%.

Gold stocks gained on Wednesday.

• Agnico-Eagle Mines (AEM) rose 3.3%.
• Barrick Gold (ABX) added 3.8%.
• Eldorado Gold (EGO) jumped 4.3%.
• Goldcorp (GG) increased 3.7%.
• Kinross Gold (KGC) added 1.9%.
• Newmont Mining (NEM) edged up 0.8%.
• NovaGold Resources (NG) surged 5.8%.
• Yamana Gold (AUY) advanced 2.9%.

Silver mining shares mostly moved higher during the day.

• Coeur d’Alene Mines (CDE) fell 0.9%.
• Hecla Mining (HL) gained 1.8%.
• Pan American Silver (PAAS) rose 2.6%.
• Silver Wheaton (SLW) added 0.7%.
• Silver Standard Resources (SSRI) improved 2.6%.

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.