NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM) are down by 1.04% to $23.69 in late morning trading on Wednesday, as some mining and related stocks move lower due to the decline in gold prices.
The price of the yellow metal is trading in the red today as investors await the outcome of the Fed's monetary policy meeting, The Wall Street Journal reports.
Gold for August delivery is down by 0.55% to $1,174.40 per ounce on the COMEX this morning.
The Fed is expected to release its statement this afternoon. Investors will be looking for clues as to when the central bank will hike interest rates.
It is believed that interest rates will go up in the latter half of the year, however a faster than expected rise could negatively impact gold, The Journal noted.
"If Yellen were to indicate that two rate hikes will be made during the course of the year, this could cause the U.S. dollar to appreciate noticeably and put pressure on the gold price," analysts at Commerzbank wrote in a note, The Journal said.
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."