SSR Mining Stock Rises After Federal Reserve Rate Hike
SSR Mining (NASDAQ: SSRM) stock rose by 3.6% on Thursday morning, reversing a previous decline caused by the U.S. Federal Reserve's first interest rate hike in three years. The Fed increased its target interest rate to between 3.75% and 4%, which typically makes gold less attractive compared to income-generating assets like bonds or savings accounts. Gold prices initially dropped following the announcement but rebounded slightly, rising by about 0.3%. Investors are now watching how continued rate hikes might affect gold demand in the future. SSR Mining is currently trading at a relatively low price-to-earnings ratio of 13.2 times trailing earnings, though analysts expect only modest annual earnings growth over the next five years. The market remains uncertain about where gold prices will head as rising interest rates could continue to pressure them downward.
Tickers: $SSRM
Topics: Federal Reserve gold interest rates SSR Mining