NEW YORK (TheStreet) -- Shares of IAMGOLD (IAG - Get Report) are rising by 6.11% to $3.82 on heavy trading volume on Wednesday afternoon as gold prices rally.

For June delivery, gold is advancing by 1% to $1,277.50 per ounce on the COMEX this afternoon.

The precious metal is gaining today on a weaker dollar. Gold is less expensive to foreign investors when the greenback slumps.

"At this point in the ballgame, there is a lot of demand supporting the yellow metal," Adam Koos, president of Libertas Wealth Management, told MarketWatch.

"Goldman Sachs raised gold forecasts this morning and JPMorgan went on record...saying that gold has entered a new bull market, with both adding some buying pressure to today's trade," he said.

JPMorgan private bank's Solita Marcelli said on CNBC's "Futures Now" earlier today that the firm recommends to its clients a position for a new and very long bull market for gold.

The yellow metal has rebounded 20% this year, "$1,400 is very much in the cards this year," Marcelli added, according to MarketWatch.

Toronto-based IAMGOLD is engaged in the exploration, development and production of mineral resource properties.

About 7.21 million of the company's shares changed hands so far today compared to its average volume of 6.23 million shares per day.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow.

Recently, 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.

You can view the full analysis from the report here: IAG