NEW YORK (TheStreet) -- Barrick Gold (ABX) stock is up 1.22% to $20.72 in mid-morning trading on Monday after gold regained its appeal as a safe haven after the U.K. decided to exit the European Union last week.
Gold for August delivery is increasing 0.51% to $1,329.20 per ounce in the COMEX this afternoon.
"Gold price will go higher in the third quarter as the full ramifications of Brexit begin to be felt but expect it to fall back in fourth quarter after the U.S. election and as the Fed gets ready to hike again," Macquarie analysts said, according to Reuters.
Additionally, Barrick Gold, a Toronto-based gold mining company, was added to the "Conviction List" at Goldman Sachs as analysts become more bullish on gold prices.
"Barrick Gold symbolizes the gold mining industry over the past two years," Goldman Sachs analysts explained, Barron's reports. "Headlined by non-core asset divestitures, gold miners are building a solid track record of disciplined capital allocation."
The firm also increased its price target by 17% to $27 on the gold miner.
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 offset 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.