Gold rose on Tuesday after the first US-led airstrikes against Islamic State and other militants inside Syria, but early gains evaporated amid a lack of follow through buying. "Gold's response was anemic - The market was unable to expand its rally overnight after the US bombing at the ISIS sites in Syria. I think the market is headed for more losses and could fall toward $1,150," said Bill O'Neill, partner at commodities investment firm LOGIC Advisors in New Jersey.
Spot gold was up 0.6 percent at $1,222.31 an ounce by 2:02 pm EDT (1802 GMT), having earlier hit a one-week high at $1,234.80. In just the previous day, bullion fell to its lowest since January 2 at $1,208.36. US COMEX gold futures for December delivery settled up $4.10 to $1,222 an ounce. Silver rose 0.3 percent to $17.76 an ounce after slipping to a four-year low of $17.30 on Monday. Platinum was up 0.8 percent to $1,328.74 an ounce, and palladium gained 1.9 percent to $812.47 an ounce.