Gold spot prices grew 2.1% to $1,229.24 an ounce Tuesday following comments from head of the Atlanta Federal Reserve Dennis Lockhart. Late Monday Lockhart said he isn't rushing to drop the Fed's promise to keep interest rates close to zero for a "considerable time," according to Reuters.
Lockhart's comments caused a decline in the U.S. dollar, causing it the fall 0.5% against other currencies. Weakness in the dollar helped to drive up spot gold prices, as it makes dollar-denominated gold cheaper for those who are looking to buy using other currencies.
Must Read: Warren Buffett's 25 Favorite Stocks
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."