Gold slipped modestly in Monday trading after U.S. and European leaders imposed relatively minimal sanctions on Russian leaders in the wake of Crimea’s vote to secede from Ukraine. U.S. equities markets moved higher during the day.

Sunday’s referendum in Crimea was greeted with cheers from Pro-Russian demonstrators in the region and with praise from Moscow. Western leaders called the referendum illegitimate, but the sanctions imposed on Monday were not expected to have a broad effect on trade with Russia. The absence of significant sanctions and no major outbreak of violence in Crimea trimmed gold’s safe haven appeal.

Gold futures for April delivery sank 0.4% to $1,372.90 per ounce on Monday, according to CME Group. Gold traded as high as $1,392.60 and as low as $1,370. Bullion closed in London at $1,369, according to BullionVault.

Silver futures for May delivery dropped 0.6% to $21.28 per ounce. Monday’s high for silver was $21.65, while the low was $21.20.

Metal funds declined on Monday.

• The SPDR Gold Shares (GLD) slid 1.1%.
• The iShares Gold Trust (IAU) fell 1.2%.
• The iShares Silver Trust (SLV) dropped 2.8%.

Mining ETFs sank during the day.

• The Market Vectors Gold Miners ETF (GDX) moved down 3.3%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 4.5%.
• The Global X Silver Miners ETF (SIL) slipped 1.4%.

Gold stocks retreated on Monday.

• Agnico-Eagle Mines (AEM) fell 2.6%.
• Barrick Gold (ABX) slipped 2.2%.
• Eldorado Gold (EGO) tumbled 5.8%.
• Goldcorp (GG) sank 2.5%.
• Kinross Gold (KGC) dropped 4.6%.
• Newmont Mining (NEM) dipped 1.6%.
• NovaGold Resources (NG) plunged 6.4%.
• Yamana Gold (AUY) shed 3.8%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE) faded 1.9%.
• Hecla Mining (HL) dropped 4.3%.
• Pan American Silver (PAAS) fell 4%.
• Silver Wheaton (SLW) declined 2.4%.
• Silver Standard Resources (SSRI) slipped 1.6%.

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.