Skip to main content

NEW YORK (TheStreet) -- Shares of Goldcorp (GG) were climbing in late-afternoon trading on Wednesday as gold prices rose on a weaker dollar. 

Gold for December delivery was up 0.42% to $1,352.30 per ounce on the COMEX this afternoon. 

Data released Tuesday showed that the goods and services produced each hour by American workers fell 0.5% during the second quarter, the Wall Street Journal reports.

The dollar consequently weakened, bolstering the price of gold as the dollar-denominated asset becomes more affordable to foreign buyers when the greenback falls. 

"Finding support from a weaker U.S. dollar, falling bond yields and somewhat lower rate hike expectations in the U.S. -- and despite firm stock markets -- gold has climbed back up," analysts at Commerzbank wrote in a note, according to the Journal.

Scroll to Continue

TheStreet Recommends

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.

Goldcorp's strengths such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures are countered by weaknesses including disappointing return on equity, poor profit margins and weak operating cash flow.

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.

Image placeholder title