Gold for June delivery is rising 1.11% to $1,257.60 per ounce on the COMEX this afternoon as expectations for tighter monetary policies in the U.S. declined.
The Fed raised interest rates in December and had expected to raise rates gradually this year, but last week New York Fed President Willian Dudley said the central bank will have to consider global economic concerns that affect the U.S. economy before raising rates more, Reuters reports.
"We expect the Fed to press ahead with a rate hike in June, but, considering the original path for monetary tightening, the U.S. is looser than expected," Capital Economics commodities economist Simona Gambarini told Reuters.
Higher interest rates support the dollar, making dollar-denominated commodities, such as gold, more expensive to hold abroad.
So far today, 7.37 million shares of IAMGOLD, a Toronto-based gold mining company, have exchanged hands, compared with its average daily volume of 6.26 million shares.
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 article's author.