Petaquilla Reports:  Gold surged to $1,282.75 an ounce in the European market

Precious gold went higher again after having worsened in early September to its weakest in more than a year. Another report indicated little underlying US inflationary pressure. Gold surged to $1,282.75 an ounce in the European market on expectations that the US Federal Reserve, hoping to stave off double-dip recession, could announce more quantitative easing — usually a boon for gold.