Gold for December delivery is up 1.45% to $1,360.60 per ounce on the COMEX this afternoon.
The precious metal is nearing a three-week high today as slower-than-expected economic growth weakens the dollar. A softer dollar makes commodities priced in the greenback such as gold more affordable to foreign buyers, boosting demand.
GDP growth was 1.2% during the second quarter vs. economists' estimates of 2.6% growth, Reuters reports. The weak economic data are dampening speculation that the Federal Reserve will soon hike interest rates.
Gold doesn't bear interest and struggles to compete with yield-bearing assets when rates are higher.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.
Newmont's strengths such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins are countered by weaknesses including disappointing return on equity and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: NEM
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.