NEW YORK (TheStreet) -- Shares of NovaGold Resources(NG) - Get Report are climbing 3.45% to $7.19 on Wednesday afternoon as gold prices rise.

For August delivery, gold is advancing 0.67% to $1,344.30 per ounce on the COMEX this afternoon.

The price of the yellow metal is increasing today as the potential of more economic stimulus helped lift investor appetite for gold, Reuters reports.

Accommodative monetary policies favor gold and equities as low interest rates encourage investors to seek out assets that don't rely on interest yields.

Additionally, the dollar is weaker today. Gold is more expensive to foreign investors when the greenback is strong.

"Gold thrives in an environment of negative rates, low government bond yields ...obviously the unknown is the probability of a Fed rate increase, which could however no happen this year, helping the metal's price ascent," Societe Generale analyst Robin Bhar told Reuters.

The metal is non-interest paying and stuggles to compete with assets that offer a yield when interest rates are hiked.

NovaGold is a Vancouver-based mineral exploration company.

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