Gold prices are retreating ahead of the Federal Reserve's meeting this week, which could give investors' insight into when the Fed will raise interest rates again, the Wall Street Journal reports.
The precious metal struggles to compete with interest-bearing assets when interest rates are raised.
"The downside of gold and silver will be very contingent on the Fed's tone tomorrow," Bob Haberkorn, a broker at JO Futures, told the Journal.
Gold for April delivery is declining by 0.99% to $1,232.80 per ounce on the COMEX this afternoon.
Based in South Africa, Gold Fields operates gold mines in Australia, Ghana, Peru and South Africa.
Separately, 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 rates this stock as a "sell" with a ratings score of D. 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 deteriorating net income, disappointing return on equity and feeble growth in its earnings per share.
You can view the full analysis from the report here: GFI