Kinross Gold (KGC) Stock Gains on Rising Gold Prices
NEW YORK (TheStreet) -- Kinross Gold (KGC) - Get Report stock is advancing 1.93% to $5.28 in early afternoon trading on Monday after weak economic data from China helped gold regain its appeal as a safe haven.
Gold for June delivery is up 0.32% to $1,276.80 per ounce on the COMEX this afternoon.
Chinese April retail sales, factory output and fixed-asset investment data came in below expectations, Reuters reports.
Additionally, the dollar is falling against the euro, making dollar-denominated commodities, such as gold, cheaper to hold abroad.
"In the second quarter, $1,300 to $1,400 is a fairly reasonable price for gold as the central banks are not going to raise interest rate any time soon," Mark To, Wing Fung Financial's head of research, told Reuters. "I think overall sentiment is very positive for the gold market."
Toronto-based Kinross Gold is a gold mining company operating in the U.S., Brazil, Chile, Ghana 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 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.
