Gold for June delivery is falling 1.66% to $1,227.60 per ounce on the COMEX this afternoon.
Gold prices were pressured by a stronger dollar, which makes the precious metal more expensive to hold abroad, Reuters reports.
"Gold is weakening on a recovery in investor risk appetite. The sharp (equities) rally and the levelling off of gold-ETF demand recently argue for some period of price consolidation," HSBC analysts wrote in a note, according to Reuters. "It is possible this consolidation turns into liquidation, but we think any continued sell-off, though likely, should be modest."
Toronto-based Agnico Eagle Mines is a gold producer operating in Canada, Mexico, Finland and other countries.
Separately, Agnico Eagle Mines has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's strengths, such increase in net income, expanding profit margins and solid stock price performance, and its weaknesses, including premium valuation, weak operating cash flow and disappointing return on equity.
You can view the full analysis from the report here: AEM
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 article's author.