U.S. gold futures for August delivery were down 0.6% to $1,167.90 an ounce on the Comex early Friday afternoon after falling to $1,164.70 an ounce earlier in the day, their lowest level since March.
Gold prices were falling after the U.S. May jobs report prompted some traders to sell the asset before the Federal Reserve raises interest rates, according to the Wall Street Journal. The Labor Department report said the U.S. economy added 280,000 jobs in May, above the 225,000 jobs economists surveyed by the Journal expected.
The report could lead to the Federal Reserve raising interest rates in the second half of 2015 which would make gold less attractive to investors as it doesn't earn interest or dividends.
Gold Fields is a gold mining company based in South Africa.
TheStreet Ratings team rates GOLD FIELDS LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLD FIELDS LTD (GFI) a SELL. This is driven by several 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 and weak operating cash flow."