Gold for April delivery is rising 1.85% to $1,264.80 per ounce on the COMEX this afternoon.
"While still not quite out of the danger zone yet, it looks like gold may be able to extend its rally now that the $1,250 level has been taken out," Forex.com and City Index technical analyst Fawad Razaqzada told Reuters.
The weaker dollar was triggered by disappointing U.S. economic data that caused concerns over tomorrow's U.S. payrolls data, Reuters reports.
On Friday, gold prices will be pressured if February non-farm payrolls have increased by more than 225,000, Ole Hansen, head of commodities research at Saxo Bank, told Reuters.
Economist surveyed by Reuters, however, only expect payrolls to be up by 190,000.
Stronger U.S. labor data would awaken expectations for a U.S. interest hike, which would make gold more expensive to hold abroad.
IAMGOLD is a Canadian gold mining company with operations in North Western Africa and South America.
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 and weak operating cash flow.
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 articles's author.IAG data by YCharts