NEW YORK (TheStreet) -- Shares of Newmont Mining Corp. (NEM) are up 5.66% to $20.16 after gold futures rose to the highest level in more than six weeks as declines in equity markets revived demand for the metal as a haven, Bloomberg reports.
Gold futures for February delivery climbed 2.93% to $1,229.90 an ounce at 1:01 p.m. on the Comex in New York, after hitting $1,239, the highest level since October 23.
"There are equity market concerns and an increase in the flight away from risky assets to quality," HSBC Securities analyst James Steel said, adding, "Gold seems to be benefiting from that more than anything else."
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 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 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."