NEW YORK (TheStreet) -- IAMGOLD (IAG - Get Report) stock is retreating 10.20% to $3.61 in afternoon trading on Wednesday after gold prices extended their losses after the Fed minutes showed interest rates will likely increase next month.
Higher interest rates would support the U.S. currency, making dollar-denominated commodities, such as gold, more expensive to hold abroad.
Gold for June delivery is down 0.97% to $1,264.50 per ounce on the COMEX this afternoon.
The U.S. central bank said a June rate hike will depend on stronger economic data, including firmer inflation and improving employment in the second quarter, Reuters reports.
Gold prices have gained 20% this year on expectations of less rate hikes this year, but prices are not likely to surpass $1,300 per ounce until demand improves, Reuters added.
Toronto-based IAMGOLD is a gold mining company with assets in Mali, Suriname, Canada and other countries.
Separately, IAMGOLD has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's disappointing return on equity and poor profit margins.
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.