Gold for December delivery was down 0.57% to $1,349.50 per ounce on the COMEX.
San Francisco's Federal Reserve Chief John Williams said Friday that the central bank is looking for an interest-rate hike during its next meeting in September, according to Bloomberg.
The U.S. dollar gained strength following Williams' comments, pushing gold prices downward as the commodity became more expensive to foreign investors.
Also, gold does poorly in higher-rate environments because investors flock to assets that provide yields.
Barrick Gold, based in Toronto, is a 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