IAMGOLD Corporation (IAG) Trades Higher on Economic Weakness

IAMGOLD Corporation (NYSE:IAG) was able to trade in positive territory on Thursday even as gold prices closed down on the day.

Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

IAMGOLD Corporation participates in the exploration, development, and production of mineral resource properties around the world. Along with gold, the company also explores for silver, zinc, copper, niobium and diamonds, as well as other metals. Its primary business is gold, with production of approximately one million ounces annually from 8 gold mines on 3 continents.

IAMGOLD Corporation (IAG) closed Thursday at $20.66, gaining $0.59, or 2.94 percent.