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Gold Fields (GFI) Stock Closed Up on Higher Gold Prices

Monday, 1 August 2016

Gold Fields (GFI) stock closed in the green on Monday as gold gained for a fifth consecutive day.

NEW YORK (TheStreet) -- Shares of Gold Fields (GFI) closed higher by 3.86% to $6.45 on Monday as gold prices advanced for a fifth straight day.

Gold prices rose today in the wake of weaker-than-anticipated U.S. economic data, the Wall Street Journal reports.

On Friday, data showed that U.S. GDP rose 1.2% in the second quarter, while economists were expecting an increase of 2.6%.

The report could undermine the case for the Federal Reserve to hike interest rates soon, the Journal noted.

The precious metal is non-interest paying and struggles to compete with assets that offer a yield when interest rates are increased.

For December delivery, gold is rising 0.23% to $1,360.60 per ounce on the COMEX this afternoon.

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