NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) were climbing 5.65% to $17.30 in late afternoon trading on Wednesday as gold prices rallied toward a two-week high, MarketWatch notes.

For December delivery, gold was up 0.54% to $1,269.70 per ounce on the COMEX this afternoon.

Gold prices were advancing this afternoon as the U.S. dollar weakened, making the commodity metal cheaper to foreign buyers.

Additionally, the Federal Reserve's "Beige Book," an economic survey by reserve banks, reported today that the U.S. economy grew at a "modest to moderate" rate since late August.

The labor market environment remained "tight" in the period, showing modest employment and wage increases.

The data could dampen prospects that the Fed will hike interest rates by year's end, MarketWatch reports. Gold doesn't offer interest and struggles to compete in high-rate environments as investors flock to assets that bear yields.

Barrick Gold is a Toronto-based 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 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 also find weaknesses including generally higher debt management risk and disappointing return on equity.

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

Image placeholder title