Gold Updaes

Gold futures jumped past $1720 an ounce as the Asian equities jumped following the rise in China official PMI.

China's manufacturing activity rose to an eight-month high in October, firming to a level marginally below expansion, according to survey released by HSBC on Thursday. The China Purchasing Managers' Index rose to 49.5 on a 100-point scale, showing improvement from HSBC's final PMI reading of 47.9 in September.

COMEX December gold futures are trading $2.6 at $1721.7 per ounce in Asia electronic trades. Gold rose to its highest in a week on Wednesday, as stock markets firmed and the dollar weakened ahead of a re-opening of New York markets, but were on track to end a four-month winning streak as October drew to a close.

Prices broke back above $1,720 an ounce as European shares and US stock index futures rose ahead of what may be a volatile session, as Wall Street traders return after a two-day closure following a storm that battered the US east coast.

On the data front today, there are nine separate pieces of economic data — ranging from consumer confidence to construction spending —to be released Thursday morning. In all likelihood, the raft of data will present a mixed picture, reflecting an economy growth around 2% a year.

MCX December gold futures may open today’s session near Rs 31120 levels with resistance near Rs 31150 and Rs 31200 levels.

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