Gold prices are rising after the release of data that showed U.S. home sales dropped by 2.5% during January, while analysts' were expecting an increase of 0.5%, the Wall Street Journal reports.
Weak economic data spurs safe-haven investing in the precious metal, which has risen about 16% so far this year amid market volatility.
"Gold momentum remains strong but the metal is increasingly dependent on continued weakness in oil, stocks and the dollar to drive it higher," Ole Hansen, head of Commodity Strategy at Saxo Bank, told the Journal.
Gold for April delivery is up by 1.05% to $1,233.20 per ounce on the COMEX this afternoon.
Based in South Africa, Gold Fields is a gold producer with eight operating mines in Australia, Ghana, Peru and South Africa.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
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.
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: GFI