Harmony Gold (HMY) Stock Slides on Lower Gold Prices
NEW YORK (TheStreet) -- Shares of Harmony Gold Mining (HMY) - Get Report are dropping 3.46% to $4.18 on Thursday morning as gold prices retreat.
For August delivery, gold is down 0.93% to $1,354.30 per ounce on the COMEX this morning.
The price of the yellow metal is slumping today as the dollar is firmer, Reuters reports. Gold is more expensive to foreign currency holders when the greenback is strong.
Yesterday, the metal jumped to its highest point since March 2014 amid Brexit concerns and higher safe-haven demand.
Mitsubishi analyst Jonathan Butler said although a stronger dollar is a headwind for gold, the metal still looks poised for further gains after spiking more than 10% since the Brexit vote, Reuters noted.
"I think gold could make further gains towards $1,381, the 38.2 percent Fibonacci retracement of 2011 high to 2015 low, and above that the $1400 psychological level," Butler said.
Harmony Gold is a Johannesburg, South Africa-based gold mining and exploration company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HMY