U.S. gold futures for August delivery were down 0.5% to $1,177.80 an ounce on the Comex Tuesday morning.
Gold prices were falling as Greece continues talks with its creditors, according to Market Watch. Greece submitted a new proposal to solve its debt crisis on Monday and the anticipation of the deal is making gold look like less of a safe haven asset.
Comments from Federal Reserve Governor Jerome Powell on Tuesday that the Fed could raise interest rates as soon as September also helped bring gold prices down. Gold prices are typically higher in low interest rate environment as the precious metal is seen as a safer investment than yield-bearing investments when interest rates are low.
Harmony Gold is a gold mining company based in South Africa.
TheStreet Ratings team rates HARMONY GOLD MINING CO LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate HARMONY GOLD MINING CO LTD (HMY) 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 unimpressive growth in net income, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."