NEW YORK (TheStreet) -- Shares of IAMGOLD (IAG) are sharply up, higher by 7.88% to $2.60 in midday trading Thursday, as gold prices climb after the Federal Reserve said it would take a "patient" approach toward raising interest rates, CNBC reports.
Fed Reserve Chair Janet Yellen announced that the Fed was unlikely to hike rates for "at least a couple of meetings"-- which means April of 2015, CNBC added.
Spot gold was up 0.38% to $1,194.25 an ounce as of 12:57 p.m. ET. On Wednesday, it fell as low as $1,183.73, its lowest level since December 1, CNBC noted.
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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: