NEW YORK (TheStreet) --Shares of Goldcorp (GG) are higher by 1.96% to $19.81 in late morning trading on Thursday, as the rebound in the price of gold sends some stocks in the mining sector soaring today.
The precious metal moved above the $1,200 per ounce mark on Wednesday and is continuing to rise, with gold for June delivery up by 0.27% to $1,221.50 per ounce on the COMEX.
Gold is rising off of a weak dollar, which had been lower earlier this morning but is now up slightly by 0.06%, according to the Wall Street Journal dollar index.
Disappointing retail data released on Wednesday pushed the dollar down. Speculation that the Fed will not raise interest rates as soon as previously expected is also helping gold pop.
"The main catalyst was the retail sales slumping. It disappointed a wide audience. Because of that, a rush was back into gold as the dollar sold off hard. It looks like [we] won't see a rate increase in the immediate future", Phillip Streible, senior market strategist at RJO Futures, told CNBC.com.
Goldcorp is a Vancouver, BC.-based gold producer with mines in Canada, the U.S., Mexico, and Central and South America.
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 generally disappointing historical performance in the stock itself."