Gold for December delivery is rising 1.04% to $1,373.70 per ounce on the COMEX. The metal is on pace to reach its highest close since March 2014, according to MarketWatch.
Gold is getting a boost this afternoon as the dollar weakens on data from the Federal Reserve.
The PCE index, the Fed's preferred inflation barometer, rose 0.9% in the 12 months ended in June, which was unchanged from the prior month, MarketWatch reports.
The commodity metal is gaining ahead of the July jobs report due out on Friday. The report will help the Fed determine if the economy is healthy enough to consider resuming a normalization of monetary policy.
Also, Citigroup initiated coverage of Kinross Gold this morning with a "neutral" rating in a note cited by Barron's. The firm said that the gold industry seems "well supported" at current levels as global central banks pursue a low interest rate strategy.
Kinross Gold is a Toronto-based mining company.
Separately, 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.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, TheStreet Ratings finds that the company's return on equity has been disappointing.
You can view the full analysis from the report here: KGC