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Newmont Mining (NEM) Stock Slipping as Gold Prices Retreat

NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM - Get Report) are down by 1.09% to $17.30 in afternoon trading on Friday as some mining and relates stocks are driven into the red by the reversal in gold prices.

The precious metal began the day trading higher but gold for December delivery is now lower by 0.26% to $1,112.70 per ounce on the COMEX this afternoon.

Gold prices moved between gains and losses today due to the uncertainty surrounding whether or not the Fed will increase interest rates in September, The Wall Street Journal reports.

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Gold doesn't pay anything to those that hold it and higher interest rates are viewed as a negative for the asset which struggles to compete with yield bearing investments when rates on borrowing go up, The Journal noted.

Separately, TheStreet Ratings team rates NEWMONT...


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