NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) were gaining 8.72% to $18.70 in late-afternoon trading on Wednesday as gold prices advanced following the Federal Reserve's decision to keep interest rates unchanged.
The precious metal doesn't pay interest and struggles to compete with yield-bearing assets when rates are higher.
Gold for December delivery was recently up 1.41% to $1,336.80 per ounce on the COMEX.
"A December rate increase is already factored into people's minds, but a more dovish few for the year ahead will support gold prices," Mike Dragosits, a strategist at TD Securities, told the Wall Street Journal.
Barrick Gold is a Canadian gold miner.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Barrick Gold's strengths such as its solid stock price performance, growth in earnings per share and increase in net income are countered by weaknesses including 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.