Kinross Gold (KGC) Stock Slumps as Gold Prices Drop

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

Gold for December delivery was down 0.69% to $1,347.80 per ounce on the COMEX.

The precious metal was falling this afternoon as the dollar strengthened.

San Francisco Federal Reserve Chief John Williams said earlier today that the Fed is planning on increasing interest rates when it meets next in September, according to Bloomberg.

Following his comments, the dollar began to gain strength and pushed gold prices downward as the metal became more expensive and therefore unattractive to foreign investors.

Gold also does poorly when interest rates are raised as investors seek assets that provide more yields.

Kinross Gold is a Toronto-based 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, 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


More from Markets

Tuesday Was a 'Prime' Shopping Day for Many Retailers, Not Just Amazon

Tuesday Was a 'Prime' Shopping Day for Many Retailers, Not Just Amazon

Dow Falls, Breaking 5-Day Winning Streak on Beige Book Trade-War Worries

Dow Falls, Breaking 5-Day Winning Streak on Beige Book Trade-War Worries

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

IBM Rides the Cloud to New Heights

IBM Rides the Cloud to New Heights

Jim Cramer on Google Cloud vs. IBM Cloud

Jim Cramer on Google Cloud vs. IBM Cloud