Kinross Gold (KGC) Stock Up as Gold Inches Higher

NEW YORK (TheStreet) -- Shares of Kinross Gold Corp. (KGC) are up by 0.98% to $2.57 in mid-afternoon trading on Monday, as some mining and related stocks get a slight bump thanks to the rise in the price of gold, which is still above the $1,200 per ounce mark.

The precious metal is extending some recent gains. Last week, Gold ended at a three month high.

Gold for June delivery is higher by 0.06% to $1,226 per ounce on the COMEX this afternoon.

"Gold has made some solid advances, but confidence is fragile-reflected by the difficulty it has in breaching key technical resistance levels with any conviction, notably at $1,225," Ross Norman of the bullion broker Sharps Pixley told MarketWatch.

Earlier in the day The National Association of Home Builders/Wells Fargo released data showing homebuilder confidence fell to 54 in May from 56 in April.

The home builders' confidence reading suggest that the economy is struggling to rebound strongly enough for the Fed to raise interest rates before September, Reuters reports.

On Wednesday, the Fed will release the minutes from its April policy meeting and the gold market is eagerly awaiting the minuted and looking "to make absolutely sure that the Fed won't move on rates this summer," global trading director at Kitco Metals Peter Hug said, MarketWatch added.

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:

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