Gold prices have been held under $1,200 an ounce for much of the last several weeks thanks to a strong dollar, but the precious metal rose 1.83% to $1,203.50 at 1:08 p.m., according to CNBC. Copper rose 1.22% to $2.86 an ounce.
But the broader outlook for gold remains pessimistic. The precious metal is on track for back-to-back annual losses for the first time since 1998.
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The federal government released data last week that indicated the U.S. economy has grown at its fastest rate in a decade. The data increased speculation that the economic expansion could cause the Federal Reserve to start to increase interest rates, according to Bloomberg.
"There's not much to give gold a boost, and there's not a lot of liquidity here today. Gold prices are going to get a lot lower in 2015, especially once the first rate increase occurs," a senior market strategist at RJO Futures told Bloomberg.
Separately, TheStreet Ratings team rates FREEPORT-MCMORAN INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FREEPORT-MCMORAN INC (FCX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and generally higher debt management risk."