Amid a volatile month for oil prices and global stocks, gold prices are advancing on hopes that the Federal Reserve will raise interest rates at a slower pace, the Wall Street Journal reports.
Slower-than-expected rate hikes would support gold, which struggles to compete with interest-bearing assets when rates are raised.
"Gold declines last year were largely predicated on more robust Fed tightening," analysts at HSBC said in a note, according to the Journal. "If interest rates do not rise as fast as previously anticipated, gold prices may adjust higher."
Gold for April delivery is up 1.56% to $1,122.60 per ounce on the COMEX this afternoon.
Based in Greenwood Village, CO, Newmont is a gold and copper mining company.
Separately, 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.
TheStreet Ratings rated this stock 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. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and expanding profit margins. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: NEM