NEW YORK (TheStreet) -- IAMGOLD(IAG) - Get Report stock is falling 2.45% to $3.59 in afternoon trading on Friday after gold prices continued to be pressured by expectations of a hike in U.S. interest rates.
Gold for June delivery is down 0.10% to $1,253.50 per ounce on the COMEX this afternoon.
"Short-term gold investors are now on the sidelines on expectations of a...June interest rate hike," Insignia Consultants chief market analysts Chintan Karnani told MarketWatch.
Earlier this week, April minutes from the Fed showed officials are likely to raise interest rates next month, boosting the U.S. currency and making dollar-denominated commodities, such as gold, more expensive for foreign investors.
Toronto-based IAMGOLD is a gold mining company with operations in Mali, Suriname and other countries in Africa and the Americas.
Separately, IAMGOLD has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: IAG
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 article's author.