Gold hits to three-month high, miners rise
- FX Market
- 5 months ago
Gold miners rally as demand for safe-haven assets lift prices for the yellow metal to the highest in three months, +0.9% to $1,236/oz., trading above both its 50- and 100-day moving averages.
"We have a whole series of situations in connection with Saudi Arabia and Russia, and trade tensions between U.S. and China, and that has been having a knockdown impact on equities and in turn providing support to gold prices," according to Capital Economics analyst Ross Strachan.
Among gold mining names on the rise: ABX +2.6%, GG +1.5%, KGC +1.2%, AU +2.3%, NEM +0.2%, GOLD +2.3%, AEM +2.8%, AUY +2.1%, IAG +3.6%, RGLD +2.2%, GFI +5.1%, SBGL +2.4%.
Source : Commerzbank; GLD