Gold for December delivery was up 0.19% to $1,367.30 per ounce on the COMEX.
The commodity metal received a boost today from the Bank of England after the central bank decided to cut interest rates for the first time since 2009 and to unleash stimulus measures aimed at improving the country's economy in the wake of the June 23 Brexit vote, MarketWatch reports.
The Bank of England cut its key lending rate by 0.25% today. The rate cut had been expected, but the additional stimulus measures were a surprise to analysts.
Gold does well in lower interest rate environments as it provides no yield to investors; when rates are raised, investors look for assets that do offer yields.
The metal is also advancing on U.S. jobs data that revealed jobless claims rose in July, although jobless levels are still below historic averages. A healthy employment rate could give the Federal Reserve reason to hike interest rates in the U.S. during its next meeting in September.
Kinross Gold is a Toronto-based 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 solid stock price performance, growth in earnings per share and increase in net income. However, as a counter to these strengths, we find that revenues have generally been declining.
You can view the full analysis from the report here: ABX