NEW YORK (TheStreet) -- Shares of Gold Fields  (GFI) were up 5.54% to $4.38 in late-afternoon trading on Tuesday as higher gold prices benefited the South African gold miner. 

Gold for December delivery was recently rising 0.53% to $1,263.30 per ounce on the COMEX. 

The dollar-denominated commodity was climbing as the dollar weakens today, making gold more affordable to foreign buyers.

Fed-fund futures indicate that there's a 65% chance that Federal Reserve will raise interest rates in December, the Wall Street Journal reports. Gold doesn't pay interest and struggles to compete with yield-bearing assets when rates are higher.

But David Govett, head of precious metals at brokerage Marex Spectron, believes that an interest rate hike has been priced into shares, the Journal notes.

"A December rate rise is somewhat factored into the price already," Govett told the Journal. "Any opposite economic indicators will affect the price on the upside far more than confirmation figures will on the downside."

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