A strengthening U.S. dollar pushed gold modestly lower in Tuesday trading. The dollar climbed against other currencies as the U.S. Federal Reserve kicked off its two-day Federal Open Markets Committee meeting.

Economists expect the Fed to delay any reduction in its monthly bond-buying until next year due to a flurry of recent reports showing continued weakness in U.S. hiring and economic growth.

Gold futures for December delivery sank 0.5% to $1,345.50 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,360.40 and as low as $1,339.80. Bullion closed in London at $1,349, according to BullionVault.

Silver futures for December moved down 0.2% to $22.49 per ounce. Tuesday’s high for silver was $22.63, while the low was $22.30.

Metal funds were mostly lower in Tuesday trading.

• The SPDR Gold Shares (GLD) fell 0.6%.
• The iShares Gold Trust (IAU) dipped 0.5%.
• The iShares Silver Trust (SLV) was flat.

Mining ETFs sank during the day.

• The Market Vectors Gold Miners ETF (GDX) slid 2.9%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 4.1%.
• The Global X Silver Miners ETF (SIL) declined 2.8%.

Gold stocks pulled back on Tuesday.

• Agnico-Eagle Mines (AEM) dropped 4.2%.
• Barrick Gold (ABX) sank 2.4%.
• Eldorado Gold (EGO) fell 4.1%.
• Goldcorp (GG) slid 3.1%.
• Kinross Gold (KGC) moved down 2.4%.
• Newmont Mining (NEM) decreased 1.5%.
• NovaGold Resources (NG) declined 2.6%.
• Yamana Gold (AUY) tumbled 4.5%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE) fell 3.3%.
• Hecla Mining (HL) slid 2.1%.
• Pan American Silver (PAAS) dropped 4.3%.
• Silver Wheaton (SLW) sank 1.6%.
• Silver Standard Resources (SSRI) plunged 5.1%.

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.