Gold for December delivery was down 0.66% to $1,318.40 per ounce on the COMEX this afternoon.
Gold prices were lower Tuesday as the dollar gained strength after the Conference Board reported that the U.S. Consumer Confidence Index had hit its highest level since October at 101.1 in August, up from 96.7 in July.
A stronger dollar makes commodities like gold more expensive and less attractive to foreign investors.
Additonally, on Friday the Labor Department will release its monthly jobs report for August. Analysts expect the report will indicate whether or not the Federal Reserve will hike interest rates in the upcoming months, according to MarketWatch.
As interest rates climb, gold tends to lose value as investors seek assets with yield.
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, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive.
You can view the full analysis from the report here: KGC