NEW YORK (AP) -- Gold futures have notched their biggest one-day fall in more than a year.

Gold for June delivery plunged $64 to close at $1,501 an ounce Friday, the largest drop since February 2012. It was the lowest price 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.

A proposal this week, later dropped, that Cyprus sell some of its gold holdings to help finance a bailout for the country also rattled the gold market.

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

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