Gold modestly higher on bargain hunting

                Gold futures traded slightly higher in the early part of Wednesday’s Asian session as traders looked to be doing some bargain hunting with the yellow metal. 

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery inched up 0.11% to USD1,365.20 per troy ounce in Asian trading Wednesday. The December contract settled down 1.64% at USD1,363.70 per ounce on Tuesday. 

Gold futures were likely to find support at USD1,351.90 a troy ounce, the low from Aug. 20, and resistance at USD1,416.30, Tuesday's high. 

Gold’s safe-haven status plagued the yellow metal Tuesday, which proved to be another "risk on" with U.S. stocks again racing higher. Russia is offering to take control of Syria’s chemical weapons cache as a way of averting Western military offensive against the Middle East nation and that news ignited a rally in riskier assets. 

While the Obama administration has pressed its case for attack on the grounds Damascus used chemical weapons in its civil war, polls show most Americans do not favor attacking Syria, which further tarnished gold's appeal as a hedge to Syria-related uncertainty. 

Elsewhere, Indian gold imports plunged in August to a fraction of what the world’s largest gold consumer imported a year ago. India raised import tariffs on gold in an effort to stem a widening account deficit and plunging rupee that some market participants said could imperil the country’s already fragile investment-grade credit rating.   -investing.com

India imported three metric tons of gold in the past month, compared with 35 tons a year earlier, according to the Wall Street Journal. 

Meanwhile, Comex silver for December delivery rose 0.29% to USD23.083 per ounce while copper for December delivery added 0.25% to USD3.274 an ounce.