The precious metal is advancing as some buyers returned to the market looking for a bargain following last week's selloff, the Wall Street Journal reports, adding that gold prices fell last week as investors lost sentiment toward the safe haven asset due to hawkish statements from the Fed.
Gold for June delivery is up by 1.35% to $1,190.20 per ounce on the COMEX this afternoon.
Additionally, investors will be watching for U.S. economic data that is due this week, including the April non-farm payrolls report, expected to be released on Friday, Reuters reports, noting that investors will be looking to see how the data will impact the dollar and expectations of an interest rate hike.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) 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 weak operating cash flow, generally disappointing historical performance in the stock itself, unimpressive growth in net income and generally high debt management risk."