NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) are surging, higher by 5.9% to $3.23 in midday trading Tuesday as gold prices hit its highest level since late October, following cautious comments from U.S. Federal Reserve policymakers, Reuters reports.
Late Monday, Atlanta Federal Reserve President Dennis Lockhart said there was in no rush to drop the Fed's pledge to keep interest rates near zero for a "considerable time," Reuters added.
The comments led to a pullback in the dollar. A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies, Reuters noted.
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U.S. gold futures are up 3.08% to $1,231.70 an ounce as of 12:07 p.m. today.
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 a few notable 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. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."