Investing.com - Gold futures traded slightly higher in the early part of Thursday’s Asian session despite some murky views on the yellow metal’s medium-term fortunes.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery inched up 0.04% to USD1,364.40 per troy ounce in Asian trading Thursday. The December contract settled lower by 0.01% at USD1,363.80 per ounce on Wednesday.
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 fell after the U.S. voiced support for a Russian plan calling on Syria to give up control of its chemical weapons and avoid military conflict.
U.S. President Barack Obama on Tuesday put on hold plans to attack Syria for its alleged use of chemical weapons in its civil war by asking Congress to put off voting on the matter while the country explores Russia's proposal to end the crisis.
President Obama added his administration would support a Russian plan to take away Syria's chemical weapons cache that would put U.S. military strikes on hold.
Thomson Reuters GFMS said demand for gold will fall in the second half of this year before prices rise to USD1,500 per ounce next year. However, that rise will be followed by another decline, Thomson Reuters GFMS said.
"Demand in India is forecast to be some way short of the elevated level in the second quarter. Turning to China, the prospect for local demand is more promising, but growth is expected to cool down," said GFMS. India and China are two of the largest importers of gold in the world.
Elsewhere, Comex silver for December delivery inched up 0.01% to USD23.175 while copper for December delivery fell 0.14% to USD3.270 per ounce.
