Precious Metals Preview: Gold On A Song, MCX Futures Approach Rs 31K

Gold jumped near six week high on an extended selloff in equities. Selling spree continued for US markets on Friday amid lack of buying and plenty of concerns on trade wars. The Dow slipped to a nearly four-month low, while the Nasdaq and the S&P 500 fell to their lowest closing levels in over a month. COMEX Gold futures added 1.50% to close just under $ 1350 per ounce levels. MCX Gold futures also approached Rs 31000 per 10 gram levels and closed at Rs 30880 per 10 grams, up 1.27% on the day. COMEX Gold futures jumped last week after testing its 100 day exponential moving average for a fourth straight session. The metal witnessed a sharp spurt amid good bargain buying as its three week low just above $ 1300 provided a good support and buying picked up immense strength once the EMA 100 was broken.