Kinross Gold (KGC) Stock Declines on Falling Gold Prices
NEW YORK (TheStreet) -- Kinross Gold (KGC) - Get Report stock is down 2.10% to $5.14 in afternoon trading on Thursday after gold prices were weighed down by a stronger dollar.
Gold for June delivery is declining 0.20% to $1,273 per ounce on the COMEX this afternoon.
"The weakness in gold which we're experiencing today is mainly due to the strength in the dollar, and also we're approaching... a very important level of $1,300," Think Forex chief market analyst Naeem Aslam told Reuters.
The dollar gained 0.1%, making gold and other dollar-denominated commodities more expensive for foreign buyers.
Gold prices are up almost 20% so far this year because of soft U.S. economic data and concerns over global economic growth that have investors seeking a safe haven, Reuters reports.
Toronto-based Kinross Gold is a gold mining company with operations in the U.S., Ghana, Brazil and other countries.
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 is offset by 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.
