U.S. gold futures for August delivery were down 1.4% to $1,185.30 an ounce on the Comex late Monday morning after falling as low as $1,183.75 an ounce earlier in the day.
Gold prices were falling as global equities increased on possible signs of progress in the stalled Greek debt talks, according to Reuters. Traders have seen lower demand from investors concerned about the Greek debt crisis, according to the news service.
"There's always that underlying feeling that a deal will be done ... but if there was a default, that would be when gold would likely rise to its traditional role as a hedge against a worst-case scenario," ETF Securities analyst Martin Arnoldt said to Reuters.
Dovish messages from the Federal Reserve on the timing of a potential U.S. interest rate increase also helped lower gold prices.
Iamgold is a gold producer based in Toronto with mines in Canada, Burkina Faso, Suriname, and Mali.
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 a few notable 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 poor profit margins and generally disappointing historical performance in the stock itself."