Gold dipped in Wednesday trading on continued concerns over unresolved U.S. budget talks and a downgrade in the metal’s outlook by Goldman Sachs (NYSE:GS). The company trimmed its  twelve-month price target for gold to $1,800 an ounce — down 7.2% from earlier forecasts.

Gold futures for December delivery slipped to $1,693.70 on Wednesday, according to CME Group. Gold traded as high as $1,706 and as low as $1,685. Gold bullion closed in London at $1,697, according to BullionVault.

Silver futures for December delivery increased to $32.89 per ounce. Wednesday’s high for silver was $33.17, while the low was $32.53.

Gold and silver funds fell in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD) edged down 0.2%.
• The iShares Gold Trust (NYSE:IAU) also slipped 0.2%.
• The iShares Silver Trust (NYSE:SLV) dipped 0.3%.

Gold and silver mining ETFs mostly retreated during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) fell 2.8%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 2.2%.
• The Global X Silver Miners ETF (NYSE:SIL) sank 1.9%.

Gold mining shares slid on Wednesday, with Eldorado Gold (NYSE:EGO) falling hardest.

• Agnico-Eagle Mines (NYSE:AEM) dropped 3.1%.
• Barrick Gold (NYSE:ABX) fell 2.3%.
• Eldorado Gold tumbled 4.8%.
• Goldcorp (NYSE:GG) slid 3.1%.
• Kinross Gold (NYSE:KGC) slipped 3.8%.
• Newmont Mining (NYSE:NEM) fell 2.5%.
• NovaGold Resources (NYSE:NG) declined 0.9%.
• Yamana Gold (NYSE:AUY) sank 3%.

Silver mining shares mostly moved down on Wednesday.

• Coeur d’Alene Mines (NYSE:CDE) retreated 3.9%.
• Hecla Mining (NYSE:HL) dipped 1.4%.
• Pan American Silver (NASDAQ:PAAS) fell 3.1%.
• Silver Wheaton (NYSE:SLW) dropped 3%.
• Silver Standard Resources (NASDAQ:SSRI) gained 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.