Gold plunges below $1,500, lowest since 2011

NEW YORK (AP) — Gold futures are notching their biggest one-day fall in more than a year.

Gold for June delivery plunged $66 to $1,498 an ounce, the largest drop since February 2012. That puts the price of the metal below $1,500 for the first time since July 2011.

One trigger for the slide was a government report Friday that U.S. wholesale prices fell in March by the most in 10 months. Investors tend to buy gold when they expect inflation to increase. Any indication that prices aren't rising will prompt investors to sell gold.

Traders also worry that Cyprus' plan to sell some of its gold holdings will increase supplies on the market.

Gold has been declining this year on strength in the economy and expectations that U.S. interest rates could increase.