NEW YORK (TheStreet) -- Shares of Kinross Gold (KGC) are higher by 6.37% to $2.84 in midday trading Thursday, as gold prices are rising after the Federal Reserve said it would take a "patient" approach toward raising interest rates, CNBC reports.
Fed Reserve Chair Janet Yellen announced that the Fed was unlikely to hike rates for "at least a couple of meetings"-- which means April of 2015, CNBC added.
Spot gold was up 0.6% to $1,196.90 an ounce as of 2:21 p.m. ET. Yesterday, it fell as low as $1,183.73, its lowest level since December 1, CNBC noted.
U.S. February gold was up 0.17% to $1,196.50 an ounce as of 2:17 p.m. ET after gaining as much as 1.3% to $1,209.90 an ounce earlier 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 several 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."