For June delivery, gold is retreating by 0.75% to $1,288.20 per ounce on the COMEX this afternoon.
The precious metal is sliding today as some investors booked profits after yesterday's rally, prompted by Federal Reserve Chair Janet Yellen's dovish tone regarding future interest rate hikes, the Wall Street Journal reports.
"With the market now feeling that an April rate rise is pretty much off the table and starting to speculate that there may actually be none at all this year (a little premature in my view), gold should benefit," David Govett, head of precious metals at Marex Spectron, told the Journal.
Yellen said the slowdown in China and plunging oil prices help justify a slower pace for further rate increases.
The non-interest-paying metal has difficulty competing with assets that offer a yield when interest rates are raised.
Harmony Gold is a Johannesburg, South Africa-based gold mining and exploration company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by several weaknesses, which 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 covered.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.
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: HMY