Rising worries about the strength of the U.S. economy, combined with continued fallout from Goldman Sachs’ cut in its target price for gold earlier this week, sent the metal down to its biggest one-day loss in more than a year.

Gold futures for May delivery tumbled 4.1% to $1,501 per ounce on Friday, according to CME Group. Gold traded as high as $1,563 and as low as $1,491.80. Gold bullion closed in London at $1,490, according to BullionVault.

Silver futures for May delivery dropped 4.9% to $26.33 per ounce. Friday’s high for silver was $27.64, while the low was $25.97.

Gold and silver funds pulled back sharply in Friday trading.

• The SPDR Gold Trust (NYSE:GLD) plunged 4.7%.
• The iShares Gold Trust (NYSE:IAU) sank 4.8%.
• The iShares Silver Trust (NYSE:SLV) slumped 5.4%.

Gold and silver mining ETFs also were hit during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) fell 5.8%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dove 6.9%.
• The Global X Silver Miners ETF (NYSE:SIL) dropped 4.9%.

Gold mining shares took it on the chin on Friday.

• Agnico-Eagle Mines (NYSE:AEM) declined 8%.
• Barrick Gold (NYSE:ABX) sank 8.5%.
• Eldorado Gold (NYSE:EGO) dropped 5.2%.
• Goldcorp (NYSE:GG) slid 4.9%.
• Kinross Gold (NYSE:KGC) plunged 7.1%.
• Newmont Mining (NYSE:NEM) fell 5.9%.
• NovaGold Resources (AMEX:NG) sold off by 12.6%.
• Yamana Gold (NYSE:AUY) retreated 7.2%.

Silver mining shares followed suit.

• Coeur d’Alene Mines (NYSE:CDE) slumped 3.1%.
• Hecla Mining (NYSE:HL) fell 6.3%.
• Pan American Silver (NASDAQ:PAAS) dropped 5.2%.
• Silver Wheaton (NYSE:SLW) sank 5.6%.
• Silver Standard Resources (NASDAQ:SSRI) retreated 6.5%.

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.