Gold for June delivery is retreating 0.66% to $1,214.60 per ounce on the COMEX.
The U.S. Dollar Index was recently up 0.3% against a basket of foreign currencies on anticipation that the Federal Reserve will raise rates sooner than later, given recent robust economic data.
This morning, the Commerce Department said that gross domestic product (GDP), expanded at a 0.8% seasonally adjusted annual rate in the first three months of 2016, up from the agency's previous estimate of a 0.5% increase.
Additionally, consumer sentiment came in strong at 94.7 in May, compared with April's 89, the Wall Street Journal noted.
"The high level of speculative interest and renewed interest rate hike speculation in the U.S. makes gold susceptible to a price correction in the short term," Commerzbank stated.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C-.
The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing 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 article's author.
You can view the full analysis from the report here: GG