Gold gained for the first time in four sessions

Gold gained for the first time in four sessions after Israel tested its missile-defense system, fueling concern that tensions in the Middle East will escalate and boosting the appeal of haven assets.

Stock and oil markets were rattled by what Israel described as a joint flight test with the U.S. of its Arrow missile-interception system over the Mediterranean Sea. President Barack Obama is stepping up lobbying since saying on Aug. 31 that he would seek the authorization of Congress to attack Syria for alleged use of chemical weapons. Gold climbed 6.3 percent last month, the second straight advance.

Gold futures for December delivery rose 0.3 percent to $1,400.50 an ounce at 10:20 a.m. on the Comex in New York. Comex floor trading was closed yesterday for the Labor Day holiday and yesterday’s transactions on the Globex electronic system will be booked with today’s trades for settlement purposes.

Prices pared advances after a private report showed expansion for U.S. manufacturing, raising concern that the economy has gained enough traction for the Federal Reserve to cut its stimulus program. The metal has dropped 16 percent this year as some investors lost faith in bullion as a store of value and as demand for an inflation hedge diminished on signs the Fed will taper its bond-buying program.