Gold for June delivery is falling by 0.86% to $1,226.80 per ounce on the COMEX this afternoon.
Investors were seeking to bring in profits today after gold prices jumped on Tuesday, following cautious comments from Fed Chairwoman Janet Yellen, Reuters reports.
Yellen indicated that interest rates would increase slowly because of global economic concerns. Dollar-denominated gold becomes more expensive to hold abroad when higher interest rates support the dollar.
"There was quite a big move yesterday from $1,220 to $1,240, which was really in line with what Yellen said," Julius Baer analyst Carsten Menke told Reuters. "But overall, the strength in gold has also been driven by global growth fears, and this is slowly ebbing as market participants get less afraid about the global economy."
Toronto-based IAMGOLD is a gold-mining company with operations in West Africa, South America and Canada.
Separately, IAMGOLD has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's feeble earnings per share growth, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing stock performance.
You can view the full analysis from the report here: IAG
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 article's author.