NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM) are retreating, lower by 0.19% to $23.99 in afternoon trading Tuesday, along with other gold related stocks as the precious metal falls to trade in negative territory.
U.S. gold futures for August delivery were lower by 0.4% to $1,181 an ounce as of 1:52 p.m. ET today, while spot gold was nearly flat at $1,181.60 an ounce.
Gold prices are lower due to the stronger dollar ahead of the U.S. Federal Reserve policy meeting announcement, according to Reuters.
"Gold is weaker because people are still thinking that the U.S. economy is recovering," Citigroup strategist David Wilson told Reuters.
The Federal Open Market Committee begins its 2-day policy meeting today.
Fed chair Janet Yellen has said the committee plans to raise interest rates this year.
Economists believe the Fed will hike rates for the first time in nearly a decade in September.
Greenwood Village, Colo.-based Newmont Mining is primarily a gold producer with operations and assets in the U.S., Australia, Peru, Indonesia, Ghana, New Zealand and Mexico.
Separately, TheStreet Ratings team rates NEWMONT MINING CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEWMONT MINING CORP (NEM) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year."