NEW YORK (TheStreet) -- Shares of McEwen Mining (MUX) - Get Report are spiking 10.06% to $3.50 late Wednesday afternoon alongside rallying gold prices after the Federal Reserve left interest rates unchanged.
For August delivery, gold is gaining 0.89% to $1,299.60 per ounce on the COMEX this afternoon.
The non-interest-paying metal struggles to compete with assets that offer a yield when interest rates are raised.
Fed officials also indicated there might only be one interest rate hike this year amid concerns about slowing job growth, CNBC noted.
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 4.28 million of the company's shares were traded by late this afternoon compared to 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