Here's how I've replicated the problem:
1. Configuration: LR 3.4, Windows 7 Professional 64-bit
2. Verify clock set to UTC-8 (see screenshot below).
3. Make a new catalog.
4. Remove all metadata from p.jpg (attached below) with:
exiftool -all:all= p.jpg
5. Import p.jpg.
6. Add a caption in the Metadata pane.
7. Metadata > Save Metadata To File
8. Examine the metadata with Photoshop Elements 8 File > Info, and on the Advanced tab see xmp:MetadataDate containing a "+7:00" rather than "-7:00":
2011-05-14T07:30:44.017+07:00
8. Examine the metadata with exiftool and observe that XMP:MetadataDate has a "+7:00" rather than "-7:00":
C:\Users\Ellis\Desktop\test pics>exiftool -a -G -s p.jpg
[ExifTool] ExifToolVersion : 8.25
[File] FileName : p.jpg
[File] Directory : .
[File] FileSize : 987 kB
[File] FileModifyDate : 2011:05:14 07:30:44-07:00
[File] FilePermissions : rw-rw-rw-
[File] FileType : JPEG
[File] MIMEType : image/jpeg
[File] ExifByteOrder : Big-endian (Motorola, MM)
[File] CurrentIPTCDigest : 08e4c683387bba4d1884d4f0729495
c1
[File] ImageWidth : 2560
[File] ImageHeight : 1920
[File] EncodingProcess : Baseline DCT, Huffman coding
[File] BitsPerSample : 8
[File] ColorComponents : 3
[File] YCbCrSubSampling : YCbCr4:2:2 (2 1)
[EXIF] ImageDescription : Caption for p.jpg
[EXIF] Orientation : Horizontal (normal)
[EXIF] ExifVersion : 0221
[XMP] XMPToolkit : Adobe XMP Core 5.2-c004 1.1368
81, 2010/06/10-18:11:35
[XMP] MetadataDate : 2011:05:14 07:30:44.017+07:00
[XMP] RawFileName : p.jpg
[XMP] Description : Caption for p.jpg
[IPTC] CodedCharacterSet : UTF8
[IPTC] ApplicationRecordVersion : 4
[IPTC] Caption-Abstract : Caption for p.jpg
[Photoshop] IPTCDigest : 08e4c683387bba4d1884d4f0729495
c1
[Composite] ImageSize : 2560x1920