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 1.57% to $1,200.50 at 1:47 p.m., according to CNBC. Silver rose 2.76% to $16.22.
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.
Exclusive Report: Jim Cramer's Best Stocks for 2015
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 HECLA MINING CO as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HECLA MINING CO (HL) a SELL. This is driven by some concerns, 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. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."