Gold fell sharply in Wednesday trading as investors awaited the outcome of the Federal Reserve’s Federal Open Markets Committee Meeting. When the Fed issued a statement at the meeting’s conclusion, gold futures fell even further in after-hours trading. U.S. equities markets also moved lower.

In a widely-expected move, the Fed said it would cut its monthly bond-buying by another $10 billion, down to $55 billion. However, the central bank surprised many on Wall Street by raising its forecast for short-term interest rates in 2015 and 2016. The Fed also abandoned its 6.5% unemployment rate threshold for the first interest rate hike.

Gold futures for April delivery slid 1.3% to $1,341.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,360.20 and as low as $1,331.40. Bullion closed in London at $1,328, according to BullionVault.

Silver futures for May delivery dipped 0.2% to $20.83 per ounce. Wednesday’s high for silver was $20.97, while the low was $20.53.

Metal funds declined on Wednesday.

• The SPDR Gold Shares (GLD) sank 1.9%.
• The iShares Gold Trust (IAU) fell 1.9%.
• The iShares Silver Trust (SLV) slipped 1.2%.

Mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (GDX) dropped 3.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5%.
• The Global X Silver Miners ETF (SIL) declined 3.7%.

Gold stocks sank on Wednesday.

• Agnico-Eagle Mines (AEM) slid 3.3%.
• Barrick Gold (ABX) dropped 4.1%.
• Eldorado Gold (EGO) tumbled 6.9%.
• Goldcorp (GG) moved down 3.5%.
• Kinross Gold (KGC) decreased 3.4%.
• Newmont Mining (NEM) faded 3%.
• NovaGold Resources (NG) fell back 3.5%.
• Yamana Gold (AUY) fell 4.2%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE) fell 2.8%.
• Hecla Mining (HL) slid 3.5%.
• Pan American Silver (PAAS) declined 3.4%.
• Silver Wheaton (SLW) faded 3.1%.
• Silver Standard Resources (SSRI) dropped 3.3%.

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.