Harmony Gold (HMY) Stock Climbs as Gold Prices Rally

NEW YORK (TheStreet) -- Shares of Harmony Gold (HMY) are rising 4.37% to $4.06 on Tuesday morning as gold prices trade in the green.

For August delivery, gold is increasing 0.94% to $1,351.60 per ounce on the COMEX this morning.

The price of the yellow metal is advancing today as investors seek a safe investment in the wake of the U.K.'s recent decision to leave the European Union, the Wall Street Journal reports.

"We're seeing people adding to positions," Bob Haberkorn, senior market strategist at RJO Futures, told the Journal.

Haberkorn also noted that investors are looking to comments expected tomorrow from the European Central Bank for indications that the bank could be preparing a new stimulus package.

Additionally, low bond yields have also made gold more attractive, he noted. Gains in the metal can more easily match or outperform yields when interest rates are low, the Journal said.

These factors create "the perfect storm" to push the precious metal up, according to Haberkorn.

Harmony Gold is a Johannesburg, South Africa-based gold mining and exploration company.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.

The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.

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.

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