NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are rising by 3.08% to $13.23 on heavy volume in mid-day trading on Wednesday afternoon, as some mining and related stocks get a jolt from the rally in the price of gold.
Gold for June delivery is up by 1.90% to $1,215.10 per ounce on the COMEX this afternoon.
The price of the precious metal is being driven into the green by the dip in the dollar and disappointing U.S. employment data.
The dollar is lower by 0.92%, according to the Wall Street Journal dollar index. The price of commodities dominated by the greenback tends to increase when the currency goes soft.
Additionally, Barrick Gold and Glencore are both said to be looking into selling their joint nickel development project in Tanzania, sources told the Wall Street Journal, adding that the sales process may be difficult due to the volatility in the pricing of the metal.
The two mining companies each own half of the Kabanga nickel project. Barrick Gold is looking to sell assets in order to reduce its debt by $3 billion before the end of this year, the Journal noted.
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 a number of negative factors, 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 generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and unimpressive growth in net income."