Gold dropped to its lowest level in a week on Thursday as investor concerns grew over a new recession in Europe, slackening demand for gold in China and the political wrangling over the U.S. fiscal cliff.

Gold futures for December delivery dropped to $1,714 on Thursday, according to CME Group. Gold traded as high as $1,727.90 and as low as $1,704.50. Gold bullion closed in London at $1,717, according to BullionVault.

Silver futures for December delivery dipped to $32.67 per ounce. Thursday’s high for silver was $32.78, while the low was $32.15.

Gold and silver funds moved down in Thursday trading.

• The SPDR Gold Trust (NYSE:GLD) slid 0.6%.
• The iShares Gold Trust (NYSE:IAU) fell 0.6%.
• The iShares Silver Trust (NYSE:SLV) edged lower 0.3%.

Gold and silver mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) declined 2.6%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 4.1%.
• The Global X Silver Miners ETF (NYSE:SIL) dipped 2.1%.

Gold mining shares mostly fell on Thursday, but NovaGold Resources (NYSE:NG) broke the ranks and rose.

• Agnico-Eagle Mines (NYSE:AEM) sank 5%.
• Barrick Gold (NYSE:ABX) fell 2%.
• Eldorado Gold (NYSE:EGO) slid 2.7%.
• Goldcorp (NYSE:GG) dropped 3.3%.
• Kinross Gold (NYSE:KGC) dipped 2.54%.
• Newmont Mining (NYSE:NEM) inched down 0.6%.
• NovaGold Resources gained 3.3%.
• Yamana Gold (NYSE:AUY) slipped 3%.

Silver mining shares also fell on Thursday.

• Coeur d’Alene Mines (NYSE:CDE) sank 2.1%.
• Hecla Mining (NYSE:HL) declined 3.1%.
• Pan American Silver (NASDAQ:PAAS) dipped 1.5%.
• Silver Wheaton (NYSE:SLW) dropped 3.1%.
• Silver Standard Resources (NASDAQ:SSRI) moved down 3.5%.

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.