IAMGOLD (IAG) Stock Stalling Amid Lower Gold Prices

NEW YORK (TheStreet) -- Shares of IAMGOLD Corp (IAG) were stalling, down 0.96% to $2.06 in afternoon trading Tuesday, as gold prices slump to trade in negative territory.

U.S. gold futures for August delivery were lower by 0.65% to $1,171.30 an ounce as of 1:49 p.m. ET today, while spot gold was barely changed at $1,172.01 an ounce.

Gold prices fell as Greece formally requested a third Eurozone bail-out, asking for a reduction in the country's outstanding debt, Reuters reports.

The troubled country is asking for a new two-year aid deal, which the Eurozone finance ministers will discuss in a teleconference tonight, BBC reports.

If Greece fails to repay the International Monetary Fund loan, Greece risks exiting the Eurozone.

Gold often rallies during times of financial market turmoil, but has found little support from safe-haven bids, according to Reuters.

Canada-based IAMGOLD is a mining company with five operating gold mines including a niobium mine, a diamond royalty, and exploration and development projects located in Africa and the Americas.

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 multiple 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."

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