A report from the Commerce Department showing that the U.S. economy contracted during the final quarter of last year surprised economists and sent gold higher in Wednesday trading. Investors bet that the unexpected drop in GDP would prompt the Federal Reserve to maintain its current policy of economic stimulus.

Gold futures for March delivery gained almost 1.1% to $1,680.60 on Wednesday, according to CME Group. Gold traded as high as $1683.90 and as low as $1662.90. Gold bullion closed in London at $1,680, according to BullionVault.

Silver futures for March delivery rose about 3% to $32.18 per ounce. Wednesday’s high for silver was $32.30 an ounce, while the low was $31.25.

Gold and silver funds advanced in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD) gained 0.8%.
• The iShares Gold Trust (NYSE:IAU) also rose 0.7%.
• The iShares Silver Trust (NYSE:SLV) climbed 2%.

Gold and silver mining ETFs were mixed during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) slipped 0.7%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.8%.
• The Global X Silver Miners ETF (NYSE:SIL) was flat.

Gold mining shares mostly moved lower, but NovaGold Resources (AMEX:NG) soared.

• Agnico-Eagle Mines (NYSE:AEM) moved up 0.9%.
• Barrick Gold (NYSE:ABX) dropped 1.3%.
• Eldorado Gold (NYSE:EGO) slipped 0.9%.
• Goldcorp (NYSE:GG) edged down 0.4%.
• Kinross Gold (NYSE:KGC) fell 1.2%.
• Newmont Mining (NYSE:NEM) sank 0.6%.
• NovaGold Resources surged 5.4%.
• Yamana Gold (NYSE:AUY) slid 0.8%.

Silver mining shares were mixed on Wednesday.

• Coeur d’Alene Mines (NYSE:CDE) fell 0.6%.
• Hecla Mining (NYSE:HL) declined 1.3%.
• Pan American Silver (NASDAQ:PAAS) sank 1%.
• Silver Wheaton (NYSE:SLW) climbed 0.9%.
• Silver Standard Resources (NASDAQ:SSRI) rose 1.4%.

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.