NEW YORK (TheStreet) -- Shares of AngloGold Ashanti (AU) - Get AngloGold Ashanti Ltd. Report were gaining 7.6% to $7.26 Wednesday as gold prices were rising ahead of the release of the Federal Reserve's July meeting notes.
U.S. gold futures for December delivery were up 0.73% to $1,125 an ounce on the Comex Wednesday morning.
Gold prices were rising ahead of the release of the minutes from the July meeting of the Federal Open Market Committee, according to Market Watch. The Federal Reserve is set to release the numbers are 2 p.m. ET.
The minutes from the meeting may not give any hint of when the Fed will raise interest rates, according to Market Watch.
In a note to investors Wednesday analyst firm Commerzbank said "Gold currently appears to be in a bottoming-out phase which could well continue for some weeks yet before any more sustained price recovery can be expected."
AngloGold Ashanti is a South Africa-based gold producer with operations in Africa, Australia, North America, and South America. The company reported its second quarter financial results on Monday.
TheStreet Ratings team rates ANGLOGOLD ASHANTI LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANGLOGOLD ASHANTI LTD (AU) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally high debt management risk, weak operating cash flow and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: AU Ratings Report