Strong March sales by U.S. automakers, coupled with a Commerce Department report showing domestic factory orders up 3% in February, helped to push gold down sharply in Tuesday trading. The precious metal experienced its largest one-day drop in more than a month as the S&P 500 and Dow Jones Industrial Average closed at record highs.

Gold futures for May delivery dropped 1.6% to $1,575.50 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,603.30 and as low as $1,574.10. Gold bullion closed in London at $1,578, according to BullionVault.

Silver futures for May delivery sank 2.5% to $27.25 per ounce. Tuesday’s high for silver was $28.14, while the low was $27.15.

Gold and silver funds moved sharply lower in Tuesday trading.

• The SPDR Gold Trust (NYSE:GLD) fell 1.5%.
• The iShares Gold Trust (NYSE:IAU) also declined 1.5%.
• The iShares Silver Trust (NYSE:SLV) slid 2.8%.

Gold and silver mining ETFs plummeted during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX) plunged 4.2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 4.4%.
• The Global X Silver Miners ETF (NYSE:SIL) tumbled 3.3%.

Gold mining shares declined on Tuesday.

• Agnico-Eagle Mines (NYSE:AEM) sank 4.2%.
• Barrick Gold (NYSE:ABX) fell 2.6%.
• Eldorado Gold (NYSE:EGO) plunged 9.3%.
• Goldcorp (NYSE:GG) dropped 3.2%.
• Kinross Gold (NYSE:KGC) fell 4.9%.
• Newmont Mining (NYSE:NEM) declined 3.7%.
• NovaGold Resources (AMEX:NG) slid 3.3%.
• Yamana Gold (NYSE:AUY) slumped 4.8%.

Silver mining shares fell during the day.

• Coeur d’Alene Mines (NYSE:CDE) retreated 3.7%.
• Hecla Mining (NYSE:HL) fell 3.6%.
• Pan American Silver (NASDAQ:PAAS) sank 4.5%.
• Silver Wheaton (NYSE:SLW) dropped 4.1%.
• Silver Standard Resources (NASDAQ:SSRI) plunged 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.