Gold sank in Wednesday trading, moving to a seven-week low as the Federal Reserve signaled that it would continue to keep interest rates low and sending the U.S. dollar a two-week high.

Gold futures for December delivery dropped to $1,701.60 on Wednesday, according to CME Group. Gold traded as high as $1,715.20 and as low as $1,698.90. Gold bullion closed in London at $1,705, according to BullionVault.

Silver futures for December delivery also fell, closing down at $31.62 per ounce. Wedneday’s high for silver was $32.06, while the low was $31.54.

Gold and silver funds moved lower in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD) dipped 0.3%.
• The iShares Gold Trust (NYSE:IAU) slid 0.4%.
• The iShares Silver Trust (NYSE:SLV) edged up 0.1%.

Gold and silver mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.8%
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.9%.
• The Global X Silver Miners ETF (NYSE:SIL) dropped 0.9%.

Gold mining shares moved lower on Wednesday, with Goldcorp (NYSE:GG) falling the hardest.

• Agnico-Eagle Mines (NYSE:AEM) moved down 1.8%.
• Barrick Gold (NYSE:ABX) fell 1.1%.
• Eldorado Gold (NYSE:EGO)  retreated 2.1%.
• Goldcorp tumbled 3.5%.
• Kinross Gold (NYSE:KGC) declined 2.2%
• Newmont Mining (NYSE:NEM) dropped 2.3%.
• NovaGold Resources (NYSE:NG) sagged 2.8%.
• Yamana Gold (NYSE:AUY) dipped 1.9%.

Silver mining shares sagged on Wednesday.

• Coeur d’Alene Mines (NYSE:CDE) edged down 0.1%.
• Hecla Mining (NYSE:HL) fell 3.2%.
• Pan American Silver (NASDAQ:PAAS) dropped 3.1%.
• Silver Wheaton (NYSE:SLW) retreated 2.1%.
• Silver Standard Resources (NASDAQ:SSRI) tumbled 2.7%.

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.