NEW YORK (TheStreet) -- Shares of Barrick Gold Corp. (ABX) are dropping by 2.72% to $13.21 late Friday morning, as gold prices trade in the red.

For April delivery, gold is declining by 1.35% to $1,222.10 per ounce on the COMEX this morning.

The price of the precious metal is being weighed down by higher oil prices and global equities, which are denting its appeal as a safe-haven, the Wall Street Journal reports.

Since the beginning of the year, gold has gained almost 18% on instability in financial markets.

Additionally, recent data from Hong Kong's government shows a 57% decline year-over-year for Chinese imports, Commerzbank said.

"The depreciation of the Chinese yuan doubtless contributed to the low imports as it meant that the gold price in local currency climbed even more sharply than in U.S. dollar terms, thereby reducing appetite for gold," the bank said, according to the Journal.

Barrick Gold is a Toronto-based gold mining company engaged in the production and sale of gold and copper.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.

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This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.

The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and disappointing return on equity.

Recently, 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.

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

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