For December delivery, gold was declining 0.32% to $1,321.40 per ounce on the COMEX this afternoon.
The dollar was advancing on Tuesday, which weighed on gold prices. The metal, which is priced in the greenback, becomes more expensive and less attractive to foreign investors when the dollar index gains.
Gold prices had increased earlier today on dovish comments from the Federal Reserve's Governor Lael Brainard late yesterday.
Brainard indicated that the central bank should be prudent in considering an interest rate hike at its upcoming meeting on September 20 and 21. Gold fares poorly when rates are raised as investors seek assets with yields, and Brainard's comments spurred confidence in a moderate rate increase.
IMAGOLD is a Toronto-based gold exploration and production company.
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 rated this stock as a "sell" with a ratings score of D.
Among the areas we feel are negative, one of the most important has been an overall disappointing return on equity.
You can view the full analysis from the report here: IAG