Gold for June delivery is declining 0.61% to $1,229.90 per ounce on the COMEX this afternoon.
Gold prices jumped on Tuesday after Fed Chairwoman Janet Yellen said interest rates would rise slowly because of global economic concerns, the Wall Street Journal reports.
Higher interest rates support the dollar, making dollar-denominated gold and other commodities more expensive to hold abroad.
Prices for the precious metal are also being pressured by export data from Switzerland that show muted demand for gold in China, the Journal added.
Additionally, Goldcorp's stock rating was raised to $17 from $13 at Jefferies, which maintained a "hold" rating on the Canadian gold mining company.
"Goldcorp has had an impressive growth history with its Cerro Negro and Eleonore projects expected to provide a source of substantial gold ounces in the next few years," Jefferies analysts wrote in a note this morning. "However, the failure to bring Cochenour into production in 2016 slows Goldcorp's growth profile."
Separately, Goldcorp has a "sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's disappointing return on equity, generally disappointing stock performance and feeble earnings per share growth.
You can view the full analysis from the report here: GG
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.