Barrick Gold (ABX) Stock Up on Higher Gold Prices
NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are gaining 3.48% to $22.01 this afternoon on higher gold prices.
Gold for December delivery is advancing 1.3% to $1,358.60 per ounce on the COMEX, heading toward the first weekly gain following three consecutive weeks of losses.
The commodity metal has been buoyed by the Federal Reserve's decision on Wednesday to not raise interest rates until December at the earliest.
Analysts feel the central bank lacks the confidence to lift rates too abruptly without further indication that the U.S. economy is strengthening, MarketWatch reports.
Metals like gold tend to do poorly in higher rate environments as investors turn toward investments with strong yields. The Fed's report has caused gold to rally.
Barrick Gold is a Toronto-based 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 rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and increase in net income. However, as a counter to these strengths, we find that revenues have generally been declining.
You can view the full analysis from the report here: ABX