Gold tumbled in Tuesday trading as a potential deal to avert U.S. military action against Syria appeared to gain traction in among diplomats, weakening the metal’s safe haven appeal.

A proposal to place Syria’s chemical weapon stocks under the control of international inspectors has received support from Russian, Syrian and American officials. U.S. President Barack Obama told reporters on Monday that the specifics for the agreement had yet to be worked out, but expressed cautious optimism over the potential breakthrough. The deal came as the Obama Administration appeared to face likely defeat in its effort to get Congressional authorization for the strikes.

Gold futures for December delivery fell 1.6% to $1,364 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,391.40 and as low as $1,357.60. Gold bullion closed in London at $1,368, according to BullionVault.

Silver futures for December delivery sank 3% to $23.02 per ounce. Tuesday’s high for silver was $23.82, while the low was $22.84.

Gold and silver funds declined in Tuesday trading.

• The SPDR Gold Shares (GLD) slid 1.6%.
• The iShares Gold Trust (IAU) also fell 1.6%.
• The iShares Silver Trust (SLV) dropped 3.1%.

Gold and silver mining ETFs moved down during the day.

• The Market Vectors Gold Miners ETF (GDX) tumbled 4.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) slumped 4.3%.
• The Global X Silver Miners ETF (SIL) sank 3.2%.

Gold mining shares dropped sharply on Tuesday.

• Agnico-Eagle Mines (AEM) fell 3.8%.
• Barrick Gold (ABX) dropped 4%.
• Eldorado Gold (EGO) plunged 6.3%.
• Goldcorp (GG) sank 6.4%.
• Kinross Gold (KGC) decreased 2.7%.
• Newmont Mining (NEM) slid 3.9%.
• NovaGold Resources (NG) slipped 1.1%.
• Yamana Gold (AUY) retreated 4.6%.

Silver mining shares sank during the day.

• Coeur d’Alene Mines (CDE) fell 2.3%.
• Hecla Mining (HL) slid 3%.
• Pan American Silver (PAAS) declined 2.1%.
• Silver Wheaton (SLW) dropped 3.4%.
• Silver Standard Resources (SSRI) pulled back 3.8%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.