Gold slipped in Tuesday trading as oil prices fell on word of a possible ceasefire between Israel and Hamas. Investors also backed away from the metal after Federal Reserve Chairman Ben Bernanke warned that there was little the Fed could to to offset the impact of the U.S. fiscal cliff if Congress and the White House are unable to reach a deal.

Gold futures for December delivery fell to $1,723.60 on Tuesday, according to CME Group. Gold traded as high as $1,736 and as low as $1,721.80. Gold bullion closed in London at $1,731, according to BullionVault.

Silver futures for December delivery dipped to $32.93 per ounce. Tuesday’s high for silver was $33.26, while the low was $32.86.

Gold and silver funds were mixed in Tuesday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 0.3%.
• The iShares Gold Trust (NYSE:IAU) dipped 0.2%.
• The iShares Silver Trust (NYSE:SLV) gained 0.2%.

Gold and silver mining ETFs sank during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) declined 0.9%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slid 0.8%.
• The Global X Silver Miners ETF (NYSE:SIL) moved lower 0.5%.

Gold mining shares retreated on Tuesday, with NovaGold Resources (NYSE:NG) falling the most.

• Agnico-Eagle Mines (NYSE:AEM) dropped 1.7%.
• Barrick Gold (NYSE:ABX) was flat.
• Eldorado Gold (NYSE:EGO) sank 1%.
• Goldcorp (NYSE:GG) inched down 0.1%.
• Kinross Gold (NYSE:KGC) dropped 0.4%.
• Newmont Mining (NYSE:NEM) also fell 0.4%.
• NovaGold Resources tumbled 2.7%.
• Yamana Gold (NYSE:AUY) slipped 0.7%.

Silver mining shares also moved down on Tuesday.

• Coeur d’Alene Mines (NYSE:CDE) declined 1.7%.
• Hecla Mining (NYSE:HL) also dipped 1.7%.
• Pan American Silver (NASDAQ:PAAS) slipped 0.3%.
• Silver Wheaton (NYSE:SLW) dropped 1.5%.
• Silver Standard Resources (NASDAQ:SSRI) fell 2.1%.

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.