Kinross Gold (KGC) Stock Gains on Higher Gold Prices

NEW YORK (TheStreet) -- Shares of Kinross Gold (KGC) were gaining 2.8% to $2.57 Wednesday as the weaker dollar helped bring up gold prices.

U.S. gold futures for August delivery were up 0.8% to $1,186.60 an ounce on the Comex Wednesday afternoon.

Gold prices were rising due to the weaker dollar following comments by Bank of Japan Governor Haruhiko Kuroda that the Japanese yen is unlikely to get any weaker, according to the Wall Street Journal. Kuroda's comments helped strengthen the yen against the dollar.

Gold is priced in U.S. dollars, making the precious metal attractive to foreign investors when the dollar is weaker, which helps bring up prices.

Volatility in European debt markets also helped raise the price of gold, according to the Journal.

Kinross Gold is a gold mining company with exploration activities in Canada, the U.S., Russia, Brazil, Chile, Ghana, and Mauritania.

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 number of negative factors, 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 and generally disappointing historical performance in the stock itself."

If you liked this article you might like

These 5 Stocks Under $10 Could Ignite Soon

Kinross Gold (KGC) Stock Declines as Gold Prices Fall

Kinross Gold (KGC) Stock Drops as Gold Prices Decline

Closing Bell: Google Unveils Pixel Smartphone; Gold Falls to Three-Month Low

Wall Street Slides as Gold Settles at 3-Month Low