Gold for August delivery is down 0.78% to $1,328.50 per ounce on the COMEX this afternoon.
The drop in gold prices is a result of concerns over the U.S. monetary policy being tightened before the year end, Reuters reports.
"People think the international situation is enough to keep the Federal Reserve on hold, but there's some slight nervousness," Matthew Turner Macquarie analyst, told Reuters.
Earlier this week the precious metal hit a three-week low as Brexit fears have eased and investors are not as focused on safe havens like gold, the Wall Street Journal reports.
Toronto-based Kinross Gold is a gold mining company operating in the U.S., Chile, Brazil and other countries.
Separately, 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:
We rate KINROSS GOLD CORP as a Hold with a ratings score of C-. 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, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall.