Gold prices had their first consecutive monthly decline at the end of last week when they slumped to $1,160.50 an ounce, the lowest price since July 2010, according to Bloomberg.
The decline in gold prices occurred thanks in part to the Bank of Japan, which helped strengthen the U.S. dollar when it bolstered its stimulus by increasing its annual target for enlarging the monetary base to 80 trillion yen, or $723 billion, up from a range of 60 to 70 trillion yen. The move sent the yen to a six-year low against the dollar.
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Gold for December delivery fell as much as 0.9% to $1,161 on Monday.
Deustche also downgraded the stock to "hold" from "buy" and cut its price target to $16 from $22. The firm cited more reasons than just falling gold prices.
"Despite an operationally solid 3Q14, we (again) are increasingly concerned on Barrick's ability to deleverage its balance sheet given headwinds facing the gold price, dimming prospects for its copper business and lack of strategic action on partnerships," the firm wrote in a research note.