Gold for February delivery fell by 1.5%, or $18.70, settling at $1,199.40 per ounce this afternoon, reversing Monday's gains which saw the price of the precious metal close above $1,200 for the first time since October, MarketWatch reports.
Gold prices declined today as the dollar improved. As the dollar grows stronger dollar-dominated commodities become less attractive, and more costly for those that hold other currencies, MarketWatch added.
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Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."