NEW YORK (TheStreet) -- Shares of McEwen Mining (MUX) were falling 10.9% to a 52-week of 99 cents Monday as gold prices fell on concern that the Federal Reserve may soon raise U.S. interest rates, according to Bloomberg.
Comex gold for February delivery was falling 2% to $1,197.60 an ounce Monday afternoon, and gold spot prices were falling 2.2% to $1,196.05 an ounce.
The Fed will start a two-day meeting on Tuesday where policy makers will discuss the pace of raising borrowing costs. The Fed held its benchmark rate at near 0% since 2008.
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An increase in interest rates could hurt demand for gold, as the precious metal usually only offers returns to investors when the price increases.
TheStreet Ratings team rates MCEWEN MINING INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MCEWEN MINING INC (MUX) a SELL. This is driven by some concerns, 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, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."