NEW YORK (TheStreet) -- Shares of Goldcorp (GG) are gaining, up by 2.9% to $18.45 in afternoon trading on Thursday, as gold prices rise following the Federal Reserve's statement that it would take a "patient" approach toward raising interest rates, CNBC reports.
Fed Reserve Chair Janet Yellen announced that the Fed was unlikely to hike rates for "at least a couple of meetings"-- which means April of 2015, CNBC added.
Spot gold was up 0.45% to $1,195.09 an ounce as of 1:05 p.m. ET. On Wednesday, it fell to $1,183.73 an ounce, its lowest level since December 1, CNBC noted.
U.S. February gold was up 0.01% to $1,194.60 an ounce as of 1:03 p.m. ET after gaining as much as 1.3% to $1,209.90 an ounce earlier today.
Separately, TheStreet Ratings team rates GOLDCORP INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow and feeble growth in its earnings per share."