Gold and silver were heading lower Tuesday morning as Greek and euro zone debt concerns continue to add uncertainty to markets. Seasonally adjusted advance estimates of January U.S. retail and food services sales rose a less-than-expected 0.4%, the U.S. Census Bureau reported.

Spot gold was 0.13% lower at 10:55 a.m., bid at $1,719.70 with an ask price of $1,720.70. Spot gold traded as high as $1,729.10 and as low as $1,712.90. The London afternoon fixed reference price came in at $1,722, $2 an ounce higher than Monday’s price fix, according to Kitco market data.

Spot silver was showing a 0.21% loss, bid at $33.65 with an ask price of $33.75. The morning high as of time of writing was $33.95 and the low was $33.32. Tuesday’s reference price was set at $33.51 in the London a.m., 33 cents an ounce below Monday’s reference price fix.

Moody’s downgraded the credit ratings of six EU countries: Italy, Spain, Portugal, Slovakia, Slovenia and Malta. Nonetheless, Italy auctioned its maximum allotment of 2-, 3- and 5-year treasury notes — for a total of 6 billion euros ($7.91 billion) — while the yield on its benchmark 2-year, Nov. 2014 6% BTP fell to 3.41% from 4.83% at the previous Jan. 13 auction.

Gold bullion prices in dollars slid 1% from yesterday’s high, down to $1,713 an ounce in London morning trading Tuesday, according to BullionVault’s London Gold Market report. “Physical demand continues to place a floor on prices,” commented Standard Bank commodities strategist Marc Ground, adding that he expects gold “to continue tracking Euro/Dollar movements today”.

“As gold has been trading sideways since the correction on February 3,” added the latest technical analysis from bullion bank Scotia Mocatta, “we are neutral until we see a downside break of the low $1,700s”.

Gold trusts were trending slightly lower, while the iShares Silver Trust was bouncing around the unchanged level.

• The SPDR Gold Trust (NYSE:GLD) was moving lower, down around 0.1%.
• The iShares Gold Trust (NYSE:IAU) was showing losses of around 0.15%.
• The iShares Silver Trust (NYSE:SLV) was fluctuating of small gains and losses of less than 0.1%.

Gold and silver mining ETFs were heading lower.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was more than 1% lower.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was showing losses of nearly 1%.
• The Global X Silver Miners ETF (NYSE:SIL) was down around 1.2%.

Gold mining shares were down across the board.

• Agnico-Eagle Mines (NYSE:AEM) was showing losses of more than 0.8%.
• Barrick Gold (NYSE:ABX) was down nearly 0.7%.
• Eldorado Gold (NYSE: EGO) was down nearly 2.2%.
• Goldcorp (NYSE:GG) was down around 0.9%.
• Kinross Gold Corp. USA (NYSE:KGC) was down around 1.15%.
• Newmont Mining (NYSE:NEM) was down around 1.2%.
• NovaGold Resources (AMEX:NG) was showing losses of more than 0.2%.
• Yamana Gold (USA) (NYSE: AUY) was down some 0.9%.

Silver mining shares were moving lower, Silver Wheaton the exception.

• Coeur d’Alene Mines (NYSE:CDE) was moving lower, down around 0.9%.
• Hecla Mining (NYSE:HL) was around 1.8% lower.
• Pan American Silver (NASDAQ:PAAS) was showing losses around 0.66%.
• Silver Wheaton (NYSE:SLW) was down some 1.3%.
• Silver Standard Resources (NASDAQ:SSRI) was showing losses of 1.5%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.