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Newmont Mining (NEM) Stock Up Amid Higher Gold Prices

NEW YORK (TheStreet) -- Shares of Newmont Mining Corp. (NEM - Get Report) are gaining by 0.64% to $18.78 on Friday afternoon, as the jump in the price of gold lifts some stocks within the metals and mining sector today.

The price of the precious metal is trading in the green on Friday following Thursday's release of the Federal Reserve's minutes from its latest policy meeting. The minutes suggest the Fed is not in a rush to hike up interest rates.

"The comments were dovish and showed no push for a rate increase this year," RJO Futures senior commodities broker Bob Haberkor told the Wall Street Journal.

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Gold for December delivery is up by 0.95% to $1,155.20 per ounce on the COMEX this afternoon.

Higher interest rates can weigh on gold as the precious metal can struggle to compete against assets that pay interest to those that hold them.

"The stage on the fundamental side is set for higher prices and the longer the Fed holds off on a rate hike, the stronger the picture is for gold," ING Bank head of commodities strategy Hamza Khan told Reuters.

Newmont mining is a Greenwood Village...