NEW YORK (TheStreet) -- Shares of Harmony Gold (HMY) - Get Harmony Gold Mining Co. Ltd. Sponsored ADR Report were gaining in late afternoon trading on Thursday despite slumping gold prices.
Gold for December delivery was down 0.3% to $1,325.70 per ounce on the COMEX this afternoon.
The commodity metal was sliding ahead of the Federal Reserve's annual Economic Policy Symposium this weekend in Jackson Hole, WY.
Analysts expect Chair Janet Yellen's speech on Friday to give insight into future monetary policy including whether the Fed will hike interest rates in the upcoming months, MarketWatch reports.
Other Fed members like Kansas City Fed President Robert Kaplan have indicated today that an interest rate increase is imminent, according to CNBC.
Precious metals like gold fare poorly when interest rates are hiked as investors turn toward assets that provide yields.
Harmony Gold is a South African gold mining and exploration company operating in both South Africa and Papua New Guinea.
Separately, 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 company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: HMY