Gold for June delivery is rising 2.16% to $1,293.70 per ounce on the COMEX this afternoon.
The dollar continues to fall after the Fed left interest rates unchanged on Wednesday and Japan's central bank decided not to expand its monetary stimulus on Thursday, Reuters reports.
When the dollar falls, dollar-denominated commodities, such as gold, are cheaper to hold abroad.
"All the precious metals are up quite strongly on the back of weakness in the dollar, after poor GDP data in the United States and a lack of action by the Bank of Japan," Simona Gambarini, an analysts at Capital Economics, told Reuters.
Additionally, IAMGOLD, a Toronto-based gold mining company, is set to report its 2016 first quarter financial results on Tuesday after the market close.
Wall Street is anticipating a loss of 6 cents per share on revenue of $224.24 million for the latest quarter, compared with a loss of 7 cents per share on revenue of $244.7 million for the 2015 first quarter.
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.