Gold futures, miners ramp up in safe-haven trade

|About: Kinross Gold Corporation (KGC)|By:, SA News Editor

Gold futures ramp up to a more than six-year high, benefiting from unrest in Hong Kong, a rout in the Argentine peso and the U.S.-China trade war; Comex gold +1.3% to $1,536.50/oz.

Goldman Sachs upgraded its gold price forecast for the first time this year, hiking its 3-month and 6-month projections to a respective $1,575/oz. and $1,600/oz. in light of escalating trade war tensions.

On the technical front, "a solid breakout and daily close above the $1,525 level is likely to inject gold bulls with enough inspiration to challenge $1,550," says FXTM analyst Lukman Otunuga.

Precious metals miners trade higher pre-market, including KGC +3.6%, AUY +3%, GOLD +2.8%, SBGL +2%, NEM +2%, AU +1.9%, GFI +1.4%.

ETFs: GLD, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, PHYS, JDST, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GLDI, OUNZ

Subscribe for full text news in your inbox