Gold backed away from an initial rally on Tuesday and ended with small decline for the day as traders considered better economic news from the U.S., including a report that the U.S. federal deficit would decline to $845 billion this year. Federal deficits have topped $1 trillion for the last four years.

Gold futures for March delivery dipped fractionally to $1,672.80 on Tuesday, according to CME Group. Gold traded as high as $1,686.10 and as low as $1,666.80. Gold bullion closed in London at $1,675, according to BullionVault.

Silver futures for March delivery edged up 0.5% to $31.88 per ounce. Tuesday’s high for silver was $32.12 an ounce, while the low was $31.62.

Gold and silver funds mostly gained in Tuesday trading.

• The SPDR Gold Trust (NYSE:GLD) was flat.
• The iShares Gold Trust (NYSE:IAU) edged up 0.1%.
• The iShares Silver Trust (NYSE:SLV) rose 0.2%.

Gold and silver mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 1%.
• The Global X Silver Miners ETF (NYSE:SIL) gained 0.3%.

Gold mining shares were mixed on Tuesday.

• Agnico-Eagle Mines (NYSE:AEM) sank 0.5%.
• Barrick Gold (NYSE:ABX) rose 0.5%.
• Eldorado Gold (NYSE:EGO) increased 0.4%.
• Goldcorp (NYSE:GG) edged down 0.1%.
• Kinross Gold (NYSE:KGC) declined 0.3%.
• Newmont Mining (NYSE:NEM) climbed 0.5%.
• NovaGold Resources (AMEX:NG) fell 0.7%.
• Yamana Gold (NYSE:AUY) gained 0.3%.

Silver mining shares also mixed.

• Coeur d’Alene Mines (NYSE:CDE) dipped 0.8%.
• Hecla Mining (NYSE:HL) rose 1.5%.
• Pan American Silver (NASDAQ:PAAS) gained 0.5%.
• Silver Wheaton (NYSE:SLW) advanced 0.7%.
• Silver Standard Resources (NASDAQ:SSRI) slid 1.2%.

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.