Barrick Gold (ABX) Stock Retreats on Lower Gold Prices

Barrick Gold (ABX) stock is down on Monday afternoon as a strong dollar and an increase in risk appetite drive oil prices down.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are down by 3.99% to $19.73 in mid-afternoon trading on Monday, as oil prices continue to retreat for a third consecutive week.  

Gold for August delivery is down by 0.35% to $1,326.90 per ounce on the COMEX.

The decrease in the price of the precious metal is a result of a strong dollar, as well as an increase in risk appetite that helped world stock markets hit near nine-month peaks, Reuters reports. 

During a G20 meeting over the weekend, the world's major economies agreed to use all policy tools at their disposal in order to drive economic growth. 

Earlier this month, gold prices hit a two-year high after Brexit left investors hungry for safe haven investments. 

Barrick Gold is a Canadian 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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