Gold for December delivery is falling 0.48% to $1,323.10 per ounce on the COMEX today, driven lower by growing expectation for the U.S. Federal Reserve to raise interest rates later this year, MarketWatch reports.
The strong June employment report released earlier this month alongside other relatively upbeat U.S. economic data have pointed analysts toward a tighter monetary policy.
Commodity metals like gold and silver suffer in high-interest environments because investors are more likely to look for high-yield options. Metals offer no interest yield.
The Federal Reserve is scheduled to issue its policy statement on Wednesday of this week.
Kinross Gold is a Toronto gold mining company.
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 rated this stock as a "hold" with a ratings score of C-.
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, TheStreet Ratings finds that we feel that the company's cash flow from its operations has been weak overall.
You can view the full analysis from the report here: KGC