NEW YORK (TheStreet) -- Shares of Goldcorp (GG) are lower by 1.13% to $17.55 in late morning trading on Thursday, as the price of the precious metal falls following data showing requests for jobless benefits fell for the week ended May 30.
For the final week in May 276,000 people had applied for unemployment benefits, a decline of 8,000 compared to the previous week, MarketWatch reports.
The data comes ahead of Friday's jobs report, which is expected to be strong and reinforce expectations that the Fed will move to increase interest rates sooner rather than later. This could be a problem for gold as it doesn't bear interest, MarketWatch added.
Gold for August delivery is lower by 0.93% to $1,173.90 per ounce on the COMEX this morning.
Other gold mining and producing stocks falling today include Yamana Gold (AUY), down by 0.97% to $3.65, Alamos Gold (AGI), lower by 1.27% to $6.22, and Barrick Gold (ABX), down by 2.50% to $11.69 this morning.
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 multiple 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."