Kinross Gold (KGC) Stock Slumps as Gold Falls on July Jobs Data

NEW YORK (TheStreet) -- Shares of Kinross Gold  (KGC)  were sliding late Friday afternoon as gold prices declined.

Gold for December delivery was down 1.78% to $1,343.10 per ounce on the COMEX.

Gold is sliding today following the Labor Department's July jobs report, showing that the U.S. added 255,000 new jobs in the month, higher than estimates of 185,000.

The dollar has gained on the news, making commodity metals like gold pricier for foreign investors.

The jobs report also gave investors cause to believe the Federal Reserve would hike interest rates during its upcoming meeting in September. The healthy report indicates the economy is on a strong enough foundation to support an increase.

Gold, however, tends to falter in high-rate environments as investors seek assets that provide yields.

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 revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, TheStreet Ratings finds that the company's return on equity has been disappointing.

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


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