China's gold output surged by around 6% in the January to May period to 127.34 tons as compared to the previous year, according to the Ministry of Industry and Information Technology (MIIT).

Gold output in May alone stood at 28.3 tons, said the MIIT report.

Gold firms reported total net profit of 7.95 billion yuan ($1.17 billion) in the first five months of the year, up 76.81% from that of last year, the statement said.

In the same period, the domestic gold sector reported 75.13 billion yuan of gross industrial output value, up 52.5% year on year.

China Gold