NEW YORK (TheStreet) -- IAMGOLD (IAG - Get Report) stock is advancing by 6.2% to $3.94 in afternoon trading on Wednesday, after the Fed left interest rates unchanged, boosting gold prices.

Gold for August delivery is rising by 0.55% to $1,295.20 per ounce on the COMEX this afternoon, after reaching $1,300 per ounce shortly after the central bank's policy statement.

Gold and other dollar-denominated commodities would become more expensive for foreign investors if interest rates increased because the dollar would strengthen.

More Fed officials now only expect one more interest rate increase this year, which raised gold's appeal, Bloomberg reports. The median projection still calls for two rate hikes this year.

Toronto-based IAMGOLD is a gold mining company operating in several countries in West Africa and the Americas.

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.