NEW YORK (TheStreet) -- Shares of IAMGOLD (IAG - Get Report) are soaring by 6.95% to $2 on Monday morning, as some stocks within the gold mining sector rally along with the price of the precious metal.
Safe haven demand is spiking today, driving gold prices into the green, as a result of concerns regarding slowing economic growth.
Gold for April delivery is gaining by 3.33% to $1,196.40 per ounce in the COMEX this morning.
Stock markets around the world are slumping due to signs that international growth is waning, MarketWatch reports. The slowdown in China, the world's second largest economy, is giving investors most cause for concern.
"The rise in the gold price is U.S. investor driven as physical demand overwhelms paper sales. This tells us that institutional gold views have been changed by global considerations, despite reports indicating that the U.S. economy looks solid even though growth is weakening," GoldForecaster.com founder and contributor Juilan Phillips wrote, MarketWatch said.
IAMGOLD is a Toronto-based mid-tier mining company with four operating gold mines on three continents.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on IAMGOLD stock. This is driven by some concerns, which TheStreet Ratings believes 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 it covers.
The company's weaknesses can be seen in multiple areas, such as its poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
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.
You can view the full analysis from the report here: IAGIAG data by YCharts