The price of the yellow metal is in the red and below the $1,200 per ounce mark as optimism that a deal between Greece and its creditors could be reached soon, MarketWatch reports. The speculation of a deal for Greece reduced safe haven demand for gold.
Gold for August delivery is down by 0.66% to $1,176.30 per ounce on the COMEX this afternoon.
Additionally, earlier today Gold Fields announced that investigators looking into the gold producer's 2010 R2.1 billion empowerment deal have recommended that "no enforcement action" be taken against the company.
The company noted that this doesn't "entirely exonerate" it from the corruption investigation into its attempt to secure the mining rights over the South Deep gold mine in South Africa.
Separately, 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."