Gold is down 0.56% to $1,268.40 per ounce late Thursday afternoon. The metal had reached a 15-month high last week at $1,303.60 per ounce, CNBC reports.
Prices of gold declined today as a strengthening dollar prompted some buyers to cash in gains, CNBC says.
In addition, BMO Capital Markets downgraded Agnico Eagle Mines stock to "market perform" rating from "outperform," maintaining its $47.50 price target.
"In our view, a move towards increased leverage to rising precious metal prices and execution risk is expected to temper AEM share price appreciation relative to peers over the near to medium term," BMO analysts said in an investor note.
Canada-based Agnico Eagle Mines is a gold producer with mining operations in the U.S. and abroad.
Separately, TheStreet Ratings rated Agnico Eagle Mines as a "hold" with a score of C+.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The primary factors that have impacted this 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, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, TheStreet Ratings finds that the stock itself is trading at a premium valuation.
You can view the full analysis from the report here: AEM