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[video] Gold Tumbles as Syria Tensions Ease (Update 1)

Updated from 8:50 a.m. ET with settlement prices

NEW YORK ( TheStreet) -- Gold prices tumbled Tuesday as prospects faded for a U.S.-led strike against Syria.

Gold for December delivery at the COMEX division of the New York Mercantile Exchange dropped $22.70 to $1,364 an ounce.

U.S. Secretary of State John Kerry suggested Monday that Syria could avoid military intervention if the Middle Eastern country handed over its chemical weapons for international control. The suggestion triggered a move by Syria to say it would agree to hand over those weapons to Russia.

"It appears at least for the moment that odds are lower the U.S. will attack the Syrian regime over its alleged use of chemical weapons," Jim Wyckoff, senior analyst at, wrote in a note on Tuesday. "This development has increased investor risk appetite in the market place -- to the detriment of safe-haven assets like gold and U.S. Treasuries."

Silver prices for December delivery slipped 70 cents to $23.02, while the U.S. dollar index was unchanged at $81.81.

Gold traders bid up the price of gold two weeks ago when Kerry first announced that Syria had used chemical weapons in a suburb of Damascus and hinted that action could be taken. Prices fell off those highs a few days later after the U.K. voted against military action, suggesting that an attack was less likely. The most recent drop likely is pricing out the possibility of an airstrike.

-- Written by Joe Deaux in New York.

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