NEW YORK (TheStreet) -- Shares of IAMGOLD Corp. (IAG) are up 9.28% to $2.59 after gold futures rose to the highest in more than six weeks as declines in equity markets revived demand for the metal as a haven, Bloomberg reports.
Gold futures for February delivery climbed 2.97% to $1,230.40 an ounce at 1:19 p.m. on the Comex in New York, after hitting $1,239, the highest since October 23.
"There are equity market concerns and an increase in the flight away from risky assets to quality," HSBC Securities analyst James Steel said, adding, "Gold seems to be benefiting from that more than anything else."
Additionally, India, which accounts for about a quarter of global bullion demand, eased import restrictions on the metal, Finance Minister Arun Jaitley said today, according to Bloomberg.
Separately, TheStreet Ratings team rates IAMGOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate IAMGOLD CORP (IAG) a SELL. 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."