NEW YORK (TheStreet) -- Shares of IAMGOLD (IAG - Get Report) are gaining by 2.21% to $2.32 in mid-morning trading on Thursday, as the rise in the price of gold gives some metals and mining stocks a boost.
Gold for June delivery is up by 1.43% to $1,241.40 per ounce on the COMEX this morning.
The price of the precious metal is climbing as safe haven demand rises following the outcome of the EU referendum in the Netherlands and a weaker dollar, the Wall Street journal reports. Minutes from the latest Fed meeting are also helping bolster gold prices as the central bank will exercise caution in regards to future rate hikes.
Dutch voters rejected a European Union trade deal with Ukraine, the Journal noted, as there seems to be some uneasiness within the bloc.
Minutes from the Fed Open Market Committee meeting showed no consensus among members regarding the timing of future rate hikes. When interest rates rise gold can struggle to compete with other assets as it pays no yield to those that hold it.
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 multiple weaknesses, 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow.
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: IAG