For December delivery, gold is advancing 0.47% to $1,334.50 per ounce on the COMEX this afternoon.
Analysts expect gold prices to be stagnant until later today when the Fed releases the outcome of its two-day policy meeting, the Wall Street Journal reports. While investors don't expect the agency to increase rates today, they do expect it to release a positive policy statement that will foreshadow a rate hike around December.
"This week the market is in the wait-and-see mode with regard to the [Fed's] meeting," Carsten Menke, analyst at Julius Baer, told the Journal. "The Fed wants to prepare the markets for a hike, which could put pressure on gold."
Higher interest rates affect gold miners because gold is non-interest paying and has difficulty competing with yield-bearing assets when interest rates are hiked.
IAMGOLD is a Toronto-based company engaged in the exploration, development and production of mineral resource properties.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate IAMGOLD CORP as a Sell with a ratings score of D. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: IAG