Gold for December delivery is up 0.52% to $1,341.40 per ounce on the COMEX this afternoon.
The rise in gold prices is a result of the Federal Reserve announcing its decision to leave interest rates unchanged, Reuters reports. However, a rate increase at the agency's September meeting is still possible.
"The gold price reacted quite positively to the news that there was no rate hike, and that a September rate hike is not certain," Simona Gambarini, Capital Economics analyst, told MarketWatch. "But this is probably short-term volatility."
The firm believes the Fed is "running out of excuses to not hike rates."
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 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.