Investing.com - Gold prices dropped on Tuesday after Syria accepted a Russian plan to give up control of its chemical weapons and avoid possible U.S. military strikes.
Gold has served as a safe-haven asset class during the U.S. standoff over Syria.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,365.00 during U.S. afternoon hours, down 1.56%.
Gold prices hit a session low of USD1,357.80 a troy ounce and high of USD1,391.20 a troy ounce.
Gold futures were likely to find support at USD1,351.90 a troy ounce, the low from Aug. 20, and resistance at USD1,416.30, Tuesday's high.
The December contract settled up 0.01% at USD1,386.70 a troy ounce on Monday.
Syria's reported willingness to give up control of its chemical weapons stockpiles sent prices falling on Monday as fears subsided the U.S. would attack.
While the Obama administration has pressed its case for attack on the grounds Damascus used chemical weapons in its civil war, polls show most Americans do not favor attacking Syria, which further tarnished gold's appeal as a hedge to Syria-related uncertainty.
The U.S. has said it would explore Russia's proposal, which further eroded at the fears that military strikes were imminent.
Elsewhere on the Comex, silver for December delivery was down 2.88% at USD23.033 a troy ounce, while copper for December delivery was down 0.45% and trading at USD3.263 a pound.
Gold has served as a safe-haven asset class during the U.S. standoff over Syria.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,365.00 during U.S. afternoon hours, down 1.56%.
Gold prices hit a session low of USD1,357.80 a troy ounce and high of USD1,391.20 a troy ounce.
Gold futures were likely to find support at USD1,351.90 a troy ounce, the low from Aug. 20, and resistance at USD1,416.30, Tuesday's high.
The December contract settled up 0.01% at USD1,386.70 a troy ounce on Monday.
Syria's reported willingness to give up control of its chemical weapons stockpiles sent prices falling on Monday as fears subsided the U.S. would attack.
While the Obama administration has pressed its case for attack on the grounds Damascus used chemical weapons in its civil war, polls show most Americans do not favor attacking Syria, which further tarnished gold's appeal as a hedge to Syria-related uncertainty.
The U.S. has said it would explore Russia's proposal, which further eroded at the fears that military strikes were imminent.
Elsewhere on the Comex, silver for December delivery was down 2.88% at USD23.033 a troy ounce, while copper for December delivery was down 0.45% and trading at USD3.263 a pound.