Shares of Eldorado Gold Corp. (EGO – Get Report) are higher by 5.02% to $5.97 in late afternoon trading on Tuesday, as some gold and mining related stocks get a boost from the rise in price of the precious metal.
Gold for April delivery is advancing by 1.18% to $1,295.50 per ounce on the COMEX this afternoon.
Gold started to gain following two sessions of declines as losses in U.S. equities and a softening dollar spark investors’ interests in gold as a haven, the Wall Street Journal reports.
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Gold traders are also keeping an eye on news coming out of the Fed’s two day policy meeting, which is set to begin in Washington, D.C. today.
Investors are expecting an acknowledgement of an uncertain global outlook and the Fed to keep its promise of remaining patient on tightening, Reuters reports.
Separately, TheStreet Ratings team rates ELDORADO GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
“We rate ELDORADO GOLD CORP (EGO) a SELL. This is driven by some concerns, which we believe 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 we cover. The company’s weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.”