Gold futures on the COMEX division of the New York Mercantile Exchange plunged Tuesday as the fears of a U.S. military strike against Syria waned.

The most active gold contract for December delivery dropped 22. 7 dollars, or 1.64 percent, to settle at 1,364 dollars per ounce.

Russian Foreign Minister Sergei Lavrov suggested Monday that Syria should "place its chemical weapons stockpiles under international control so they can be destroyed." The proposal received positive response from Syria, while U.S. President Barack Obama also called it a "potentially positive development."

In a series of television interviews late Monday, President Barack Obama, who is not confident that Congress will authorize a military strike on Syria, said that if Syria were to give up its chemical weapons, it would be a breakthrough, and he would put airstrikes on hold.

Investors are now looking ahead to the two-day monetary policy meeting of the Federal Reserve's Federal Open Market Committee scheduled to be held next week. If scale-down on bond purchases is confirmed at the Sept.18 meeting, gold may fall to 1,250 dollars or even lower as there is now ample room for further selling, market analysts hold.

Silver for December delivery lost 70.1 cents, or 2.96 percent, to close at 23.016 dollars per ounce. Platinum for October delivery slipped 8.9 dollar, or 0.6 percent, to close at 1,474.1 dollars per ounce.