NEW YORK (TheStreet) -- Barrick Gold (ABX) stock is declining 1.87% to $16.81 in early afternoon trading on Friday after gold prices declined as expectations for an interest rate hike grew following strong domestic economic data.
Gold for August delivery is down 0.51% to $1,216.40 per ounce on the COMEX this afternoon.
U.S. GDP growth for the first quarter was revised upwards to 0.8% from 0.5%, according to the Commerce Department, the Wall Street Journal reports.
The higher economic data supports the Fed's plan to increase interest rates as soon as next month. Higher interest rates would boost the U.S. currency, making dollar-denominated commodities, such as gold, more expensive to hold abroad.
Toronto-based Barrick Gold is a gold and copper mining company with operations in in the U.S., Peru, Argentina, Australia and other countries.
Separately, Barrick Gold has a "hold" rating and a letter grade of C- at TheStreet Ratings because of the company's solid stock price performance, expanding profit margins and good cash flow from operations, which offsets deteriorating net income, generally higher debt management risk and disappointing return on equity.
You can view the full analysis from the report here: ABX
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 article's author.