NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) - Get Report are up by 0.91% to $1.65 on Wednesday afternoon, as gold prices move higher after the Federal Reserve left interest rates unchanged and indicated a slower pace for future hikes.
For April delivery, gold is up by 0.25% to $1,123.40 per ounce on the COMEX this afternoon.
The central bank released a statement at 2 p.m. Eastern today following a two-day meeting, saying that it was "closely monitoring" global economic and financial developments, CNBC.com reports.
The precious metal is non-interest paying and has difficulty competing with interest-paying assets when rates are increased.
"It's the tail wagging the dog. If the market stabilizes, the Fed will hike," Joseph LaVorgna, chief U.S. economist at Deutsche Bank told CNBC.com. "The problem is, the markets are looking for some certitude and they can't get it."
So far this year, gold has climbed by 5.4%, MarketWatch noted.
Kinross Gold is a Canada-based gold mining company.
Separately, TheStreet Ratings Team has a "sell" rating with a score of D on the stock.
This is driven by multiple weaknesses, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
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