Barrick Gold (ABX) Stock Lower on Rate Hike Concerns
NEW YORK (TheStreet) -- Barrick Gold (ABX) shares are falling 0.16% to $18.17 on Monday afternoon along with gold prices as fears of an interest rate increase led to a strengthening greenback.
The precious metal has declined for two weeks after recent minutes from the Federal Reserve's policy meeting signaled a possible rate hike as soon as June, the Wall Street Journal reports.
"The minutes from the last meeting are going to hang over our head for the next two or three weeks," Bob Haberkorn, senior market strategist at RJO Futures, told the Journal.
Gold for June delivery is slipping 0.1% to $1,251.60 per ounce on the COMEX.
Toronto-based Barrick Gold produces and sells gold and copper.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C-.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher 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 article's author.
You can view the full analysis from the report here: ABX
