Gold prices got a boost today after data showed lower-than-expected growth for the U.S. economy, which pushed the dollar lower, MarketWatch reports.
The metal is more attractive to foreign investors when the dollar is weak.
Gross domestic product rose at a seasonally adjusted annual rate of 1.2%, while economists had expected an increase of 2.6%, MarketWatch noted.
Gold prices were also helped by the Federal Reserve's decision to leave interest rates unchanged this week. Some investors believe that the Fed will hold off raising interest rates until the U.S. economy shows further improvement.
The precious metal is non-interest paying and struggles to compete with assets that bear a yield when interest rates are increased.
"There is no sign of an end to the trend toward negative interest rates around the world, and that also is providing helpful to gold," George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, told MarketWatch.
Gold for December delivery is rising 1.29% to $1,358.50 per ounce on the COMEX this afternoon.
Harmony Gold is a South African gold mining and exploration company.
Separately, 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.
TheStreet Rating rate HARMONY GOLD MINING CO LTD as a Hold with a ratings score of C-. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
You can view the full analysis from the report here: HMY