Here’s Why Kinross Gold (KGC) Stock Closed Higher Today
NEW YORK (TheStreet) -- Kinross Gold (KGC) - Get Report stock closed up 0.95% to $5.32 on Tuesday after shares of the Toronto-based gold mining company got a boost from higher gold prices.
Gold for June delivery is rising 0.45% to $1,279.90 per ounce this afternoon, driven by a softer dollar and weaker stock markets.
"Gold has been supported as of late as the ongoing theme over the several sessions has been economic global concerns, and that has been a driver behind that safe haven demand for gold," David Meger, High Ridge Futures' director of metals trading, told Reuters.
Gold prices would be at risk if the Fed raised interest rates, strengthening the U.S. currency and making dollar-denominated commodities, such as gold, more expensive to hold abroad.
"We're still trying to gauge the likelihood of a Fed rate hike... the next portion of that decision is going to be seen from the Fed minutes tomorrow," Meger added, according to Reuters.
Separately, Kinross Gold has a "hold" rating and a letter grade of C- at TheStreet Ratings because of the company's revenue growth and solid stock price performance, which offsets weak operating cash flow.
You can view the full analysis from the report here: KGC
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 article's author.
