Kinross Gold (KGC) Stock Advancing on Higher Gold Prices

NEW YORK (TheStreet) -- Shares of Kinross Gold  (KGC) are up 1.39% to $5.10 in early-afternoon trading on Friday, reflecting higher gold prices. 

Gold for December delivery is up 1.07% to $1,355.60 per ounce on the COMEX this afternoon. 

Prices for the precious metal are up over 2% for July and are poised to hit their sixth monthly gain for 2016, MarketWatch reports. 

The climbing gold prices are a result of data that showed lower than expected growth for the U.S. economy, thus driving the dollar down and making gold more attractive to foreign buyers, MarketWatch said. 

On Thursday the Federal Reserve announced its decision to leave interest rates unchanged. 

"There is no sign of an end to the trend toward negative interest rates around the world, and that also is providing helpful to gold," George Milling-Stanley, head of gold investment strategy at State Street Global Advisors, told MarketWatch.

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 the company's return on equity has been disappointing.

You can view the full analysis from the report here: KGC

KGC Chart KGC data by YCharts

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