NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) closed down 2.08% to $3.30 on heavy volume in late afternoon trading on Tuesday, as gold mining stocks fell following a price drop in gold futures for December delivery by 0.6% to $1,211.60 an ounce, Bloomberg reports.
Gold futures declined to their lowest price since January as higher U.S. interest rates and an improvement in the dollar caused the demand for precious metals to drop.
Other gold mining stocks slumping Tuesday include Barrick Gold Corp. (ABX) , lower by 1.93% to $14.71, NovaGold Resources Inc. (NG) , down by 2.57% to $3.03, and Goldcorp Inc. (GG) , lower by 1.24% to $23.08.
Separately, TheStreet Ratings team rates KINROSS GOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate KINROSS GOLD CORP (KGC) a SELL. This is driven by multiple weaknesses, which we believe 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 we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: