NEW YORK (TheStreet) -- IAMGOLD Corp. (IAG) - Get Iamgold Corporation Report stock is advancing by 4.85% to $2.16 in afternoon trading on Tuesday, after comments from the head of the Fed boosted gold prices.
Gold for June delivery is rising by 1.38% to $1,238.80 per ounce on the COMEX this afternoon.
Fed Chairwoman Janet Yellen said interest rates will increase slowly due to concerns over global economic growth, which impact the domestic economy, the Wall Street Journal reports.
Higher interest rates support the dollar, making dollar-denominated commodities, such as gold, more expensive to hold abroad.
"This is a very positive reaction," HSBC strategist James Steel told the Journal. "The speech was very bullish for gold."
Toronto-based IAMGOLD is a gold mining company with operations in Suriname, Canada, Mali and other countries.
Separately, IAMGOLD has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's feeble earnings per share growth, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing stock performance.
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.