NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) - Get Report are climbing by 5.52% to $1.62 in late afternoon trading on Tuesday, as gold prices rise on safe-haven demand and reach a 12-week high.
For April delivery, gold is up by 1.57% to $1,123 per ounce on the COMEX this afternoon.
Investors were pushed into safe-havens today as the Federal Reserve started a two-day meeting, which will likely give insight into the timing of the next interest rate hike, Reuters reports.
"We detect investor uncertainty that global financial turbulence may impact the real economy," HSBC said in a note cited by Reuters. "If this impacts U.S. monetary policy, gold may be a beneficiary. U.S. interest rate futures indicate the Fed may only raise rates one more time this year."
The non-interest-paying yellow metal struggles to compete with interest-paying assets when interest rates are higher.
Kinross Gold is a Toronto-based gold mining 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 deteriorating net income, disappointing return on equity and weak operating cash flow.
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.
You can view the full analysis from the report here: KGC