Gold for April delivery was up 0.54% to $1203.80 per troy ounce at 12:03 p.m. on the Comex in New York.
Support for the metal comes as the dollar fell against a number of currencies on Federal Reserve Chair Janet Yellen's suggestion the U.S. central bank would not rush into raising interest rates, spurring traders to trim bullish dollar bets, Reuters reports.
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The WSJ Dollar Index fell 0.2%.
"Yellen's comments yesterday suggesting the Fed will look at interest rates one meeting at a time were seen as providing less certainty of when an interest rate hike will be," Citigroup analyst David Wilson told Reuters.
"The dollar has softened a little bit, and I suspect that's the reason why gold's had a bit of a bounce," Wilson added.
Separately, the average recommendation of 18 brokers' estimates on the Canadian miner's stock is 2.6, with a 2 representing an "outperform" rating and 3 a "hold," according to Reuters. The mean price target is $7.22.
TheStreet Ratings team rates ELDORADO GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ELDORADO GOLD CORP (EGO) a SELL. This is driven by some concerns, 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. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- EGO's stock share price has done very poorly compared to where it was a year ago: Despite any rallies, the net result is that it is down by 28.70%, which is also worse that the performance of the S&P 500 Index. Investors have so far failed to pay much attention to the earnings improvements the company has managed to achieve over the last quarter. Despite the heavy decline in its share price, this stock is still more expensive (when compared to its current earnings) than most other companies in its industry.
- The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Metals & Mining industry and the overall market on the basis of return on equity, ELDORADO GOLD CORP underperformed against that of the industry average and is significantly less than that of the S&P 500.
- 47.36% is the gross profit margin for ELDORADO GOLD CORP which we consider to be strong. It has increased significantly from the same period last year. Regardless of the strong results of the gross profit margin, the net profit margin of 5.37% trails the industry average.
- ELDORADO GOLD CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. During the past fiscal year, ELDORADO GOLD CORP turned its bottom line around by earning $0.14 versus -$0.91 in the prior year.
- The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Metals & Mining industry. The net income increased by 102.0% when compared to the same quarter one year prior, rising from -$687.55 million to $13.92 million.
- You can view the full analysis from the report here: EGO Ratings Report