Gold futures, which settled lower ahead of the announcement, turned higher on the news to set an intraday high of $1,132.90 an ounce on the Comex division of the New York Mercantile Exchange.
At the time of Market beginning, Kinross Gold Corporation (USA) (NYSE:KGC) initiated business at $1.61. Latest closing price was -0.14% below its 20-day moving average and -37.82% below its 200-day moving average.
Kinross Gold Corporation (NYSE:KGC) has underperformed the index by 20.26% in the last 4 weeks. The company’s stock had a trading volume of 23,505,377 shares. The company has trimmed its forecasts for all-in sustaining cost (AISC), cost of sales per gold equivalent ounce and capital expenditure for the year.
In recent trade, gold was up 1.1% at $1,131.80 an ounce as investors sifting through the USA central bank’s communiqué were encouraged by the accommodative language. The brokerage now has a $3.00 target price on the mining company’s stock.
KGC has been the topic of a number of other research reports. During the same period in the previous year, the company earned $0.03 EPS. Zacks downgraded Kinross Gold from a hold rating to a sell rating in a research report on Tuesday, August 25th. Citigroup Inc. lowered their price target on shares of Kinross Gold from $2.70 to $2.30 and set a neutral rating on the stock in a report on Monday, July 20th. Finally, BMO Capital Markets started coverage on Kinross Gold in a research note on Tuesday, June 16th. On average, equities analysts predict that Kinross Gold will post ($0.05) earnings per share for the current fiscal year.
Kinross had slid to a loss in the second quarter, in line with market expectations, on the back of a weaker gold price, lower gold sales and the temporary suspension of operations at a mine in Chile.
On Thursday, gold prices also likely drew strength from the Fed’s renewed focus on rising global risks, said Katrina Lamb, head of investment strategy and research at MV Financial, with $500 million in assets under management. The company, on August 19, 2015 revealed that Hellas Gold S.A. – a Greek subsidiary of the Company – has been made aware of a notification from Greece’s Ministry of Energy (“the Ministry”) suspending the technical studies pertaining to the Skouries and Olympias projects in Halkidiki, northern Greece. The Company is engaged in gold mining and related activities, including acquisition and investigation of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. In addition, it produces and sells silver. The Organization’s segments comprise Fort Knox, Round Mountain, Kettle River- Kupol Buckhorn, Paracatu, Maricunga, Tasiast and Chirano.