U.S. gold future for June delivery were up 1.8% to $1,213.40 an ounce on the Comex Wednesday morning after reaching a five-week high of $1,218 an ounce earlier in the day.
Gold prices were rising as the U.S. dollar hit a three-month low as a result of disappointing U.S. employment data, according to Reuters. The dollar fell 0.7% against a basket of foreign currencies after the recent U.S. jobs report pushed back the expectations of the Federal Reserve raising interest rates.
"The dollar's weakening has been instrumental to the latest move higher and of course the view that the Fed is less likely to raise interest rates next month after weak economic data," ActivTrades chief analyst Carlo Alberto de Casa told Reuters.
B2Gold is a gold producer based in Canada with three operating mines including one in the Philippines and two in Nicaragua.
TheStreet Ratings team rates B2GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate B2GOLD CORP (BTG) a SELL. This is driven by a few notable 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."