Gold declined on Tuesday as investors worried that Washington might not reach a deal to avoid the fiscal cliff of mandatory tax hikes and spending cuts, even as European negotiators reported progress in Greek debt talks.

Gold futures for December delivery dropped to $1,742.30 on Tuesday, according to CME Group. Gold traded as high as $1,751.90 and as low as $1,741.20. Gold bullion closed in London at $1,742, according to BullionVault.

Silver futures for December delivery slipped to $33.98 per ounce. Tuesday’s high for silver was $34.28, while the low was $33.91.

Gold and silver funds moved lower in Tuesday trading.

• The SPDR Gold Trust (NYSE:GLD) slid 0.4%.
• The iShares Gold Trust (NYSE:IAU) also dipped 0.4%.
• The iShares Silver Trust (NYSE:SLV) declined 0.3%.

Gold and silver mining ETFs also fell during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.7%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 2%.
• The Global X Silver Miners ETF (NYSE:SIL) moved down 1.2%.

Gold mining shares declined on Tuesday, with Goldcorp (NYSE:GG) falling the hardest.

• Agnico-Eagle Mines (NYSE:AEM) sank 3.5%.
• Barrick Gold (NYSE:ABX) dropped 2%.
• Eldorado Gold (NYSE:EGO) slid 3%.
• Goldcorp tumbled 4.6%.
• Kinross Gold (NYSE:KGC) dipped 1.4%.
• Newmont Mining (NYSE:NEM) edged lower 0.8%.
• NovaGold Resources (NYSE:NG) fell 1.7%.
• Yamana Gold (NYSE:AUY) slipped 1.3%.

Silver mining shares moved lower on Tuesday.

• Coeur d’Alene Mines (NYSE:CDE) fell 3.6%.
• Hecla Mining (NYSE:HL) sank 1.2%.
• Pan American Silver (NASDAQ:PAAS) declined 1.6%.
• Silver Wheaton (NYSE:SLW) dropped 1.1%.
• Silver Standard Resources (NASDAQ:SSRI) tumbled 3%.

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.