Newmont Mining (NEM) Stock Getting a Lift on Higher Gold Prices

NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM) were getting a lift, up 2.57% to $25.12 in midday trading Thursday, as gold prices rise to trade in the green.

The precious metal is trading higher after the Federal Reserve indicated yesterday afternoon that U.S. interest rates may rise more slowly than expected following its policy meeting, according to Reuters.

U.S. gold futures for August delivery was up 1.95% to $1,199.80 an ounce as of 12:33 p.m. ET today, while spot gold was nearly flat at $1,199.36 an ounce as of 12:39 p.m. ET.

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."

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