Gold prices are down 0.47% to $1,223.40 per ounce, CNBC reports this afternoon.
The price of gold hit a seven-week low today after positive home sales data, released yesterday, increased the expectation that the Federal Reserve will implement an interest rate hike, Reuters reports.
April housing data reported new-home sales accelerated at its fastest pace since the housing market crash of 2008. Sales of new, single-family homes rose 16.6% from March to a seasonally adjusted rate of 619,000.
Meanwhile, about 5.50 million of the Vancouver-based gold mining company's shares have been traded so far today compared to its average 30-day volume of 4.01 million shares per day.
Separately, TheStreet Ratings rated New Gold as a "sell" with a score of D+.
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:
This is driven by a few notable weaknesses, 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 that are covered.
Among the areas TheStreet Ratings feels are negative, one of the most important has been weak operating cash flow.
You can view the full analysis from the report here: NGD