Barrick Gold (ABX) Advances on Higher Gold Prices

Barrick Gold (ABX) stock is up on Wednesday afternoon as gold prices recovered from their lowest in nearly two weeks.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are up by 2.79% to $21.19 in late-afternoon trading on Wednesday, as rising gold prices give some mining stocks a boost. 

Gold prices have recovered from their lowest level in nearly two weeks, Reuters reports.The price increase comes as prospects of economic growth has wet investor appetite. 

"Gold prices can continue to benefit from an uncertain economic picture for the U.K. and Europe after the Brexit vote and also from any quantitative easing, which also means low interest rates," Natixis analyst Bernard Dahdah told Reuters.

Since the U.K. voted to leave the European Union gold prices have increased by about $100 an ounce.

Gold for August delivery is up by 0.72% to $1,344.90 per ounce on the COMEX this afternoon.

Barrick Gold is a Toronto-based gold mining company.

Separately, 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. TheStreet Ratings has this to say about the recommendation:

We rate BARRICK GOLD CORP as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity.

You can view the full analysis from the report here: ABX

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