NEW YORK (TheStreet) -- Shares of Gold Fields (GFI) - Get Report are down by 5.67% to $3.33 in early afternoon trading on Thursday, as gold prices edge lower on comments from the Federal Reserve yesterday.
For April delivery, gold is inching down by 0.02% to $1,116.10 per ounce on the COMEX this afternoon.
The price of the yellow metal is retreating as investors cashed in gains from yesterday's rally and the Fed suggested it will still hike interest rates this year despite market instability, Reuters reports.
The Fed kept interest rates unchanged on Wednesday and said it was "closely monitoring" global economic and financial developments.
"If the Fed were to decide against raising interest rates further in March, this would presumably have a positive effect on the gold price, as this would keep the opportunity costs of holding gold low," Commerzbank said in a note cited by Reuters.
Gold Fields is a South Africa-based gold producer with eight operating mines in Australia, Ghana, Peru and South Africa.
Separately, TheStreet Ratings Team has a "sell" rating with a score of D. This is driven by multiple 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. 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