Gold futures on the COMEX division of the New York Mercantile Exchange Wednesday suffered the biggest one-day loss since November, as Goldman Sachs cut its 2013 price forecast for the previous metal.

The most active gold contract for June delivery lost 27.9 dollars, or 1.76 percent, to settle at 1,558.8 dollars per ounce.

Goldman Sachs on Wednesday said in a note to investors that it expected the 2013 average price for gold to be at 1,545 dollars an ounce, down from its prior forecast of 1,610 dollars. Deutsche Bank Tuesday also cut its outlook for gold prices for this year and the next.

Meanwhile, the minutes of the U.S. Federal Reserve's meeting held on March 20 showed different opinions on the duration of quantitative easing (QE), suggesting officials of the American central bank have not reached a consensus on when the Fed should slow its current pace of monthly asset purchases, which was bearish for gold.

Cyprus officials plan to sell about 400 million euros worth of gold reserves to help the country's bailout, dampening gold heavily.

Also weighing on gold were a strengthening U.S. dollar and a rally in equities.

Silver for May delivery dropped 22.8 cents, or 0.82 percent, to close at 27.653 dollars per ounce. Platinum for July delivery sank 23.3 dollars, or 1.5 percent, to close at 1,529.8 dollars per ounce.

Xinhua