Gold for June delivery is falling by 1.88% to $1,228 per ounce on the COMEX this afternoon.
The price of the precious metal reached its lowest level in almost a month as positive U.S. economic data increased expectations that the Fed will raise interest rates, MarketWatch reports.
The possibility of increasing interest rates is weighing on gold as the metal offers no yield and struggles to compete with interest paying assets when rates go up.
The Commerce Department announced on Tuesday that new home sales soared year over year by 16.6% to a seasonally adjusted annual rate of 619,000 units.
A stronger dollar also pressured gold prices today.
When the dollar rises assets priced in the greenback, such as gold, can become more expensive to those that hold other currencies.
Gold Fields is a Johannesburg, South Africa-based mining company that produces gold and copper and engages in related mining activities.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Gold Fields stock. This is driven by several weaknesses, which TheStreet believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and feeble growth in its earnings per share.
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: GFI