NEW YORK (TheStreet) -- Shares of McEwen Mining (MUX) - Get Report are rising 4.93% to $3.62 late Thursday morning as gold prices advance after the Federal Reserve decided to leave interest rates unchanged yesterday.
The central bank also signaled it would be less aggressive in tightening monetary policy next year, Reuters reports.
Gold is non-interest paying and has difficulty competing with assets that bear a yield when interest rates are hiked.
For August delivery, gold is spiking 2% to $1,314 per ounce on the COMEX this morning.
"The Fed's outlook was surprising since the U.S. economy has been doing relatively well compared to the rest of the world. The market will now monitor the Brexit situation more closely," Brian Lan, managing director at GoldSilver Central, told Reuters.
"The next level gold is expected to see is $1,325," he noted.
The metal rose to its highest level in nearly two years today, Reuters added.
McEwen Mining is a Toronto-based mining and minerals exploration company focused on precious and base metals in Argentina, Mexico and the U.S.
About 3.41 million of the miner's shares changed hands so far today vs. its average volume of 2.28 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth and compelling growth in net income.
But the team also finds that the company's revenue growth has not been good.
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 article's author.
You can view the full analysis from the report here: MUX