For February delivery, gold is edging down by 0.29% to $1,094.60 on the COMEX this afternoon.
The precious metal increased by 3.9% in the new year on growing concerns over China's slowing economy, which spurred safe-haven demand for gold, Bloomberg reports.
However, expectations that the Federal Reserve will continue to raise interest rates this year and stronger-than-expected U.S jobs data released Friday have caused some analysts to remain bearish on gold, MarketWatch notes.
"Regardless of recent gains, this metal remains fundamentally bearish and with December's impressive [jobs] report reinforcing the possibility that U.S. rates could be increased once more this quarter, bears have been provided an opportunity to install another round of selling onto this zero yielding metal," Lukman Otunuga, research analyst at FXTM, wrote in a note cited by MarketWatch.
Newmont Mining is a Greenwood Village, CO-based global mining company, focused on the production of and exploration for gold and copper.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate NEWMONT MINING CORP as a Hold with a ratings score of C-. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and expanding profit margins. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.