8/7/2019, 5:18 PM (Source: TeleTrader)
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Goldman predicts gold prices to rise to $1,600

Analysts at Goldman Sachs predict gold prices will soar to $1,600 per ounce over the next six months amid a surge in safe-haven assets as the trade war persists.

"If growth worries persist, possibly due to a trade war escalation, gold could go even higher, driven by a larger ETF gold allocation from portfolio managers who still continue to under-own gold," analysts at the New York bank said in a note on Wednesday. "Gold ETFs have recently built momentum almost as strong as in 2016, and we believe that can be maintained in the short-term," they added.

Earlier today, gold prices jumped to their highest level in more than six years as the trade dispute between China and the United States continue to push investors toward safe havens. The yellow metal leaped 1.96% to $1,503.47 per ounce at 11:17 am ET.

Breaking the News / JC