Gold fell for a second consecutive session on Tuesday as Russia’s absorption of Crimea appeared to be a fiat accompli, resulting in only a mild response from Western nations.

Speaking at the Kremlin, Russian Federation President Vladimir Putin hailed Sunday’s referendum in which Crimea voted to secede from Ukraine, but said that Russia would respect the territorial sovereignty of the remaining regions of Ukraine. Yesterday, the U.S. and European Union slapped Russia with sanctions targeted at specific officials, which were not expected to damage trade.

Gold futures for April delivery dropped 1% to $1,359 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,367.90 and as low as $1,351.10. Bullion closed in London at $1,359, according to BullionVault.

Silver futures for May delivery sank 1.9% to $20.86 per ounce. Tuesday’s high for silver was $21.25, while the low was $20.63.

Metal funds faded on Tuesday.

• The SPDR Gold Shares (GLD) fell 0.8%.
• The iShares Gold Trust (IAU) slipped 0.8%.
• The iShares Silver Trust (SLV) declined 1.6%.

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX) slid 1.3%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.2%.
• The Global X Silver Miners ETF (SIL) dipped 0.3%.

Gold stocks pulled back on Tuesday.

• Agnico-Eagle Mines (AEM) slid 1.4%.
• Barrick Gold (ABX) fell 1.1%.
• Eldorado Gold (EGO) sank 1.1%.
• Goldcorp (GG) declined 1.2%.
• Kinross Gold (KGC) added 0.2%.
• Newmont Mining (NEM) dropped 2%.
• NovaGold Resources (NG) moved down 2.2%.
• Yamana Gold (AUY) decreased 1.9%.

Silver mining shares mostly climbed during the day.

• Coeur d’Alene Mines (CDE) surged 4.7%.
• Hecla Mining (HL) added 1.5%.
• Pan American Silver (PAAS) gained 2.1%.
• Silver Wheaton (SLW) fell 1%.
• Silver Standard Resources (SSRI) rose 2.8%.

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.