For December delivery, gold was recently higher by 0.6% to $1,270.50 per ounce on the COMEX.
The price of the precious metal reached a two-week high today amid a weaker dollar and uncertainty about when the Federal Reserve would raise interest rates, Reuters reports.
Gold is more expensive to foreign investors when the greenback is strong.
"Technically, gold is well supported above $1,250 an ounce...today's push in the $1,270 area is a positive signal ahead of the U.S. elections and the possible Fed rate hike in December," ActivTrades Chief Analyst Carlo Alberto De Casa told Reuters.
The metal does not pay interest and struggles to compete with assets that bear a yield when interest rates are hiked.
Fed fund futures show about a 65% likelihood of the central bank increasing rates by December, down from 70%, Reuters noted.
Goldcorp is a Vancouver-based gold producer.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year.
But the team also finds weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.
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