Gold futures advanced as the precious metal rebounded from a decline earlier today after Switzerland's voters rejected a proposal that would have required the Swiss National Bank to increase its gold reserves, MarketWatch reports.
Gold began to rise due to "haven demand" following a downgrade by Moody's on Japan's government debt rating, based on concerns over a sales-tax delay. Also contributing to the rise in gold is the pullback in the dollar from recent session highs, MarketWatch added.
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Gold was up 1.7% to $1,196.30 per ounce earlier this morning, MarketWatch said.
Separately, TheStreet Ratings team rates NEWMONT MINING CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEWMONT MINING CORP (NEM) a SELL. This is driven by a number of negative factors, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."