Gold tumbled in Wednesday trading after Goldman Sachs (NYSE:GS) trimmed its price outlook for the metal for the second time in two months. Goldman Sachs lowered its forecast for gold from an average of $1,610 an ounce for 2013 to $1,545 an ounce.

As the metal fell, the U.S. dollar rose and U.S. equity markets tested new record highs.

Gold futures for May delivery dropped 1.8% to $1,558.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,586.80 and as low as $1,556.70. Gold bullion closed in London at $1,562 according to BullionVault.

Silver futures for May delivery surged 0.8% to $27.65 per ounce. Wednesday’s high for silver was $27.97, while the low was $27.45.

Gold and silver funds slumped in Wednesday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 1.7%.
• The iShares Gold Trust (NYSE:IAU) slid 1.6%.
• The iShares Silver Trust (NYSE:SLV) declined 1.3%.

Gold and silver mining ETFs plunged during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 3.8%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 3.6%.
• The Global X Silver Miners ETF (NYSE:SIL) tumbled 2.1%.

Gold mining shares moved down sharply on Wednesday.

• Agnico-Eagle Mines (NYSE:AEM) slipped 1.9%.
• Barrick Gold (NYSE:ABX) plummeted 8.4%.
• Eldorado Gold (NYSE:EGO) dropped 5.4%.
• Goldcorp (NYSE:GG) slid 2.6%.
• Kinross Gold (NYSE:KGC) sank 3.2%.
• Newmont Mining (NYSE:NEM) slumped 2.6%.
• NovaGold Resources (AMEX:NG) plunged 7.8%.
• Yamana Gold (NYSE:AUY) declined 4%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (NYSE:CDE) dipped 0.5%.
• Hecla Mining (NYSE:HL) fell 3.5%.
• Pan American Silver (NASDAQ:PAAS) slipped 0.5%.
• Silver Wheaton (NYSE:SLW) tumbled 5.2%.
• Silver Standard Resources (NASDAQ:SSRI) sank 3.8%.

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.