Gold slipped in Wednesday trading after the Commerce Department reported that U.S. retail sales rose only marginally in January. Higher payroll taxes and rising gasoline prices contributed to the weak sales data, likely portending slower economic growth during the current quarter.

Investors are also awaiting the outcome of the G-20 meeting later this week in Moscow.

Gold futures for March delivery slipped 0.3% to $1,644.50 on Wednesday, according to CME Group. Gold traded as high as $1,652.90 and as low as $1,640. Gold bullion closed in London at $1,645, according to BullionVault.

Silver futures for March delivery fell about 0.5% to $30.87 per ounce. Wednesday’s high for silver was $31.23 an ounce, while the low was $30.73.

Gold and silver funds sank in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 0.5%.
• The iShares Gold Trust (NYSE:IAU) also dropped 0.5%.
• The iShares Silver Trust (NYSE:SLV) slid 1.1%.

Gold and silver mining ETFs also pulled back during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) sank 1.7%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 1%.
• The Global X Silver Miners ETF (NYSE:SIL) slipped 0.5%.

Gold mining shares moved lower on Wednesday.

• Agnico-Eagle Mines (NYSE:AEM) declined 1.3%.
• Barrick Gold (NYSE:ABX) dropped 2.8%.
• Eldorado Gold (NYSE:EGO) plunged 3.1%.
• Goldcorp (NYSE:GG) slid 0.9%.
• Kinross Gold (NYSE:KGC) fell 1.3%.
• Newmont Mining (NYSE:NEM) dipped 1%.
• NovaGold Resources (AMEX:NG) dropped 2.3%.
• Yamana Gold (NYSE:AUY) declined 0.9%.

Silver mining shares also retreated.

• Coeur d’Alene Mines (NYSE:CDE) plunged 10.3%.
• Hecla Mining (NYSE:HL) sank 1.3%.
• Pan American Silver (NASDAQ:PAAS) slid 1.7%.
• Silver Wheaton (NYSE:SLW) edged down 0.2%.
• Silver Standard Resources (NASDAQ:SSRI) declined 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.