Gold for June delivery is down 1.87% to $1,231.40 per ounce on the COMEX this afternoon.
Gold prices are declining as the dollar gains due to rising expectations for an increase in U.S. interest rates as soon as next month, Reuters reports.
Gold and other dollar-denominated commodities become more expensive to hold abroad with a stronger dollar.
"What we're seeing is a lot of things that would mean higher rates coming together," Oxford Economics analyst Daniel Smith told Reuters. "The U.S. economy is actually doing reasonably well... and with higher oil prices and a tightening U.S. labor market, everything's starting to come together to (suggest) it would be sooner rather than later."
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.