Gold tumbled in Thursday trading, a day after the U.S. Federal Reserve announced plans to begin scaling back its monthly bond-buying by $10 billion a month.

The metal fell to its lowest close since August 2010 in heavy trading. Silver joined gold, falling sharply during the day.

Gold futures for February delivery dropped 3.4% to $1,193.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,226 and as low as $1,191.60. Bullion closed in London at $1,193, according to BullionVault.

Silver futures for March delivery sank 4.4%, to $19.19 per ounce. Thursday’s high for silver was $19.91, while the low was $19.10.

Metal funds fell on Thursday.

• The SPDR Gold Shares (GLD) slid 2.4%.
• The iShares Gold Trust (IAU) dropped 2.4%.
• The iShares Silver Trust (SLV) sank 3.1%.

Mining ETFs moved lower during the day.

• The Market Vectors Gold Miners ETF (GDX) fell 1.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) slumped 3%.
• The Global X Silver Miners ETF (SIL) declined 1.6%.

Gold stocks mostly declined on Thursday.

• Agnico-Eagle Mines (AEM) dropped 2.3%.
• Barrick Gold (ABX) slid 2%.
• Eldorado Gold (EGO) dipped 0.9%.
• Goldcorp (GG) waned 1.5%.
• Kinross Gold (KGC) fell 2.2%.
• Newmont Mining (NEM) moved down 1.6%.
• NovaGold Resources (NG) climbed 0.9%.
• Yamana Gold (AUY) pulled back 1.6%.

Silver mining shares sank during the day.

• Coeur d’Alene Mines (CDE) retreated 1.7%.
• Hecla Mining (HL) dipped 0.8%.
• Pan American Silver (PAAS) fell 0.8%.
• Silver Wheaton (SLW) declined 1.8%.
• Silver Standard Resources (SSRI) tumbled 3.1%.

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.