After ending the previous session modestly higher, the price of gold showed a substantial move back to the downside during trading on Wednesday.

Gold for December delivery plunged $21.90 to $1,189.30 an ounce after rising $1.40 to $1,211.20 an ounce on Tuesday. With the steep drop, the price of gold fell to a nine-month low.

The sharp pullback by the price of gold came as the U.S. dollar moved higher in reaction to the latest batch of U.S. economic data, rttnews says.