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Goldcorp (GG) Stock Gains as Gold Hits Six Week Highs

NEW YORK (TheStreet) -- Shares of Goldcorp (GG - Get Report) were gaining 5.7% to $14.34 on Friday as gold prices hit six week highs following the release of the minutes from the Federal Reserve's last policy meeting.

U.S. gold futures for December delivery were up 1.25% to $1,158.60 an ounce on the Comex Friday afternoon.

The minutes from the Fed's policy meeting in September suggest the U.S. central bank is in no rush to raise interest rates, according to Reuters. The minutes suggest the Fed was cautious about raising rates before the release of September's weak jobs data report.

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"We still see fairly strong demand," Hamza Khan, head of commodities strategy at ING Bank, told Reuters. "The stage on the fundamental side is set for higher prices and the longer the Fed holds off on a rate hike, the stronger the picture is for gold."

Gold performs better in low interest rate environments as it does not bear a yield.

On Monday, Goldcorp said that work had resumed at its Cerro Negro mine in Agentina...


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