NEW YORK (TheStreet) -- Shares of New Gold (NGD) are rallying, higher by 3.64% to $4.56 in midday trading Tuesday, as gold prices hit its highest level since late October, getting a boost as cautious comments from U.S. Federal Reserve policymakers led to a pullback in the dollar, Reuters reports.
Late yesterday, Atlanta Federal Reserve President Dennis Lockhart said there was in no rush to drop the Fed's pledge to keep interest rates near zero for a "considerable time," Reuters added.
A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies, Reuters noted.
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U.S. gold futures are up 3.03% to $1,231.10 an ounce as of 12:10 p.m. today.
Separately, TheStreet Ratings team rates NEW GOLD INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEW GOLD INC (NGD) a SELL. This is driven by multiple weaknesses, 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."