Gold for February delivery is jumping by 1% to $1,116.40 per ounce on the COMEX.
According to GFMS analysts at Thomson Reuters, Gold prices are set to make a recovery in 2016 to above $1,200 an ounce by the end of the year, Reuters reports.
Additionally, demand for gold is projected to increase by 5% this year.
"Slowing Chinese growth and the negative outlook for the yuan should benefit gold in the medium term, and once there are clear signs of a price recovery, or at least a stabilization, we should see investors coming back into the market," GFMS stated.
Based in Vancouver, Goldcorp engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the U.S., Mexico, and Central and South America.
Separately, TheStreet Ratings currently has a Sell rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself.
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: GG