The price of gold plunged more than $100 an ounce Wednesday, just one day after the price of the precious metal hit record highs above $1,900.

The price of gold for future delivery fell more than 5 percent to hit $1,761.50 an ounce in New York's afternoon trading.

Gold is a traditional safe haven for investors in difficult economic times, and prices had been up as much as $400 an ounce since July.

Wednesday's sharp price decline followed some upbeat economic reports including one that showed gains in U.S. manufacturing.