Gold advanced in Wednesday’s trading on the heels of a budget agreement approved by the U.S. House of Representatives that preserved Bush-era tax cuts on the middle class and averted the worst effects of the fiscal cliff.

Gold futures for February delivery rose 0.8% to $1,688.80 on Wednesday, according to CME Group. Gold traded as high as $1,695.40 and as low as $1,670.90. Gold bullion closed in London at $1,668, according to BullionVault.

Silver futures for February delivery increased 2.5% % to $30.98 per ounce. Wednesday’s high for silver was $31.45, while the low was $30.22.

Gold and silver funds advanced in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD) climbed 0.7%.
• The iShares Gold Trust (NYSE:IAU) also rose 0.7%.
• The iShares Silver Trust (NYSE:SLV) gained 1.9%.

Gold and silver mining ETFs also rose during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) added 1.6%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) surged 3.6%.
• The Global X Silver Miners ETF (NYSE:SIL) soared 3.5%.

Gold mining shares moved higher, with NovaGold Resources (AMEX:NG) rising highest.

• Agnico-Eagle Mines (NYSE:AEM) increased 1.7%.
• Barrick Gold (NYSE:ABX) rose 1.5%.
• Eldorado Gold (NYSE:EGO) soared 3%.
• Goldcorp (NYSE:GG) climbed 2.3%.
• Kinross Gold (NYSE:KGC) gained 1.5%.
• Newmont Mining (NYSE:NEM) advanced 1%.
• NovaGold Resources rocketed up 7.3%.
• Yamana Gold (NYSE:AUY) moved up 0.7%.

Silver mining shares also gained on Wednesday.

• Coeur d’Alene Mines (NYSE:CDE) rose 2.3%.
• Hecla Mining (NYSE:HL) surged 4.9%.
• Pan American Silver (NASDAQ:PAAS) gained 2.6%.
• Silver Wheaton (NYSE:SLW) also increased 2.6%
• Silver Standard Resources (NASDAQ:SSRI) advanced 3.4%.

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.