NEW YORK (TheStreet) -- Shares of Goldcorp (GG) were falling 2.8% to $18.29 Monday as gold prices fell ahead of a Federal Reserve meeting on Tuesday that could hint at potential interest rate increases by the U.S. central bank, according to Reuters.
COMEX Gold for February delivery was falling 1.2% to $1,208 an ounce Monday afternoon ahead of the meeting. Gold spot prices were falling 1.2% to $1,207.37 an ounce. The drop in gold prices comes after the precious metal saw its biggest weekly gain in two months.
If the U.S. central bank raises interest rates soon that expected it could help boost the U.S. dollar and hurt non-interest-bearing bullion, according to Reuters.
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TheStreet Ratings team rates GOLDCORP INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share."