NEW YORK (TheStreet) -- Shares of Newmont Mining Corp(NEM) - Get Report are increasing by 1.85% to $28.06 on Thursday afternoon, as gold prices get a boost from the Federal Reserve's decision to keep interest rates the same.
For April delivery, gold is climbing by 2.81% to $1,264.40 per ounce on the COMEX this afternoon.
The central bank also lowered its estimates for raising interest rates this year to two from four and provided a cautious outlook on the global economy, the Wall Street Journal reports.
"The Fed was more dovish than the market expected, and we've seen market expectations of a Fed rate move pared back," Grant Sporre, an analyst at Deutsche Bank, told Bloomberg, "Gold is no longer going to $1,000 and the longer the Fed stays dovish, the better for the metal."
The price of the precious metal is also rising on a weaker dollar. Gold is more expensive to foreign currency holders when the greenback is strong.
Newmont is a Greenwood Village, CO-based mining company, which is focused on the production of and exploration for gold and copper.
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 - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures.
As a counter to these strengths, the team also finds weaknesses including deteriorating net income, poor profit margins 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: NEM