The price of the precious metal jumped as safe haven demand grew following the outcome of the EU referendum in the Netherlands and a weaker dollar, the Wall Street Journal reports. Minutes from the latest Fed meeting are also helping bolster gold prices as the central bank will exercise caution in regards to future rate hikes.
Dutch voters rejected a European Union trade deal with Ukraine, the Journal noted, as there seems to be some uneasiness within the bloc.
Minutes from the Fed Open Market Committee meeting showed no consensus among members regarding the timing of future rate hikes. When interest rates rise gold can struggle to compete with other assets as it pays no yield to those that hold it.
Gold for June delivery is up by 1.49% to $1,242 per ounce on the COMEX this afternoon.
Gold Fields is a South Africa producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Gold Fields stock. This is driven by some concerns, which TheStreet Ratings believes 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 it covers.
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.
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.
You can view the full analysis from the report here: GFI