Gold for April delivery is up by 1.29% to $1,119.60 per ounce on the COMEX this afternoon.
Gold prices are increasing on hopes that the Federal Reserve will raise interest rates at a slower pace due to concerns about global markets and growth, the Wall Street Journal reports. The precious metal struggles to compete with interest-bearing assets when rates are raised.
"Gold declines last year were largely predicated on more robust Fed tightening," HSBC said in a note to clients, according to the Journal. "If interest rates do not rise as fast as previously anticipated, gold prices may adjust higher."
Based in Toronto, IAMGOLD is a mid-tier mining company.
Separately, recently, 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 rated this stock as a "sell" with a ratings score of D. This is driven by some concerns, 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 poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: IAG