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Gold Futures Tumble Most in Two Months on Syria Proposal

Gold fell the most in two months as Secretary of State John Kerry said the U.S. will explore a Russian plan to eliminate Syria’s chemical weapons in a bid to diffuse a potential military strike. Silver dropped 3 percent.

Senate Majority Leader Harry Reid said diplomatic efforts to persuade Syria to surrender its chemical weapons should be given time to work, and a bipartisan group of senators is drafting an alternative to the proposal authorizing a U.S. military strike. Gold also dropped on speculation that the Federal Reserve will cut U.S. monetary stimulus soon, eroding the metal’s appeal as an alternative investment.