Buy Newmont Mining shares, gold to hedge against election turmoil, JPMorgan says

Dado Galdieri | Bloomberg | Getty Images

Investors' anxiety over the upcoming U.S. presidential election could drive up demand for gold, benefiting shares of Newmont Mining, according to JPMorgan, which upgraded the stock to overweight from equal weight on Thursday.

"We feel Newmont has lagged the sector at a time when investors should be taking another look at gold, given the increased interest in the metal in part on political uncertainty ahead of next week's election," equity analyst John Bridges wrote in a research note.

In the past three months, shares of Newmont are down nearly 17 percent.