Precious Metals Preview: Gold Sees Awesome Gains

COMEX Gold jumped above $ 1350 per ounce levels amid excellent buying support following good upside movement in crude futures and falling Gold output in China. Weak US dollar also acted well for the metal. COMEX Gold currently quotes at $ 1355 per ounce right now. MCX Gold futures ended around Rs 31540 per 10 grams- half a percent on the day. Gold mining output in China fell almost 3% in the first 3 months of 2018 compared with the same period last year, according to new data. That extends the 6% annual drop recorded in 2017 according to the latest statistics from government-backed body the China Gold Association (CGA). The worlds No.1 gold-mining nation produced 98.2 tonnes in the first quarter, the CGA said, down from over 101 tonnes a year earlier. Other supportive cues for Gold came from broad commodity spectrum as oil prices jumped near recent highs yet again.