Gold settled down -0.23% at 30682 swung between small gains and losses, as concerns over the risk of military intervention against Syria diminished, denting the safe-haven appeal of the precious metal. In an address to the nation late Tuesday, US President Obama said that he had asked Congress to postpone a vote on taking military action against Syria. Instead, President Obama said that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control. Gold prices surged last month as safe-haven buying picked up amid indications the US was close to taking military action against Bashar al-Assad's government. Meanwhile, investors continued to speculate over the timing of the Fed's widely expected reduction in monthly bond purchases following last week's weaker-than-forecast US jobs report. The central bank is scheduled to meet September 17-18 to review the economy and assess policy. Moves in the gold price this year have largely tracked shifting expectations as to whether the US central bank would end its QE program sooner-than-expected. Wall Street investment bank Goldman Sachs said in a report Wednesday that it expects that "gold prices will decline into 2014 on the back of an acceleration in US activity and a less accommodative monetary policy stance." Also according to the report of Goldman Sachs Group Inc., gold prices will decrease in 2014, as the US economy improves and global perspectives are positive. Moreover, the Fed will probably start tapering the next week, putting more pressure on gold quotes. Market is getting support at 30387 and below same could see a test of 30093 level, And resistance is now likely to be seen at 31030, a move above could see prices testing 31379.

Trading Ideas:

Gold trading range for the day is 30093-31379.

Gold dropped as prices under pressure as speculation that a U. S. military strike against Syria could be averted dented the metal's safe-haven appeal.

U. S. President Barack Obama said that he had asked Congress to postpone a vote on taking military action against Syria.

GFMS Sees Gold Demand Falling Before Prices Resume Drop in 2014