Kinross Gold Gains 3% on Uptick in Gold
Shares of gold miner Kinross Gold Corp ( KGC ) are up 3% on the back of a $42.00 gain in the price of gold.
Due to the bloodbath in the gold market, Deutsche Bank recently downgraded KGC to Hold from Buy and lowered the price target to $6.00 from $9.00.
Today's share move helps erase some of the losses recorded in KGC. Since the beginning of April, KGC was down as much as 37% in sympathy with a 17% drop in the price of gold.
KGC last traded at $5.83, within the 52-week range of $4.97 to $11.19.