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Goldcorp (GG) Stock Closes Lower as Gold Prices Sink

NEW YORK (TheStreet) --Shares of Goldcorp (GG - Get Report) finished the day in the red, closing down by 2.47% to $15.03 on Wednesday afternoon, due to the decline in gold prices.

Goldcorp is a Vancouver-based gold producer that is engaged in the acquisition, exploration, development and operation of gold properties in North America, Mexico and Central and South America.

The stock is one of several mining and related stocks that were driven down today as a result in the slump in the price of gold, which was due to a strong dollar.

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Gold for December delivery is slipping by 0.90% to $1,166.90 per ounce on the COMEX this afternoon.

Assets priced in the dollar can become more expensive to those that hold other currencies when the greenback gets a boost.

Investors have been keeping a close eye on the Fed for signals as to when the central bank will increase interest rates, the Wall Street Journal reports. Higher interest rates can put pressure on gold, which is a non interest yielding...