International gold surges to 5-1/2 month high

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International gold surges to 5-1/2 month high
Overseas gold surged to 5-1/2 month high after sluggish manufacturing data from around the globe pinned speculation of further monetary easing from central banks.

India gold, silver also inched up on the Multi commodity Exchange mirroring global trend.

MCX gold futures for October 2012 contract, was trading at Rs 31,376 per 10 gram, lower by 0.30%. The metal opened at Rs 31,323, against a previous close of Rs 31,283.

MCX silver futures surged by Rs 411 per kg, and was trading at Rs 60,130 per kg. Spot silver on MCX was trading at Rs 59,671 per kg.

Investors eye the outcome of an European Central Bank's policy meeting on Thursday. Any disappointment from the ECB in terms of stimulus measures could lead to sharp fall in the metal across the globe.

International gold was seen trading at US$ 1,692 an ounce

Spot bullion on the MCX was seen higher at Rs 31,295 per 10 grams, while Delhi spot gold of 99.9% and 99.5% purity surged and was seen at Rs 31,780 and Rs 31,580 per 10 grams, respectively.

The rupee firmed up against US dollar, which plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Read more about: gold, silver, mcx
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