The yellow metal is moving lower as the Fed begins its two-day policy setting meeting. It is expected that the central bank will leave interest rates unchanged but investors will look for clues as to a timeframe for the anticipated increase, MarketWatch reports.
Gold for August delivery is down by 0.40% to $1,181.10 per ounce on the COMEX this afternoon.
Additionally, Barrick was initiated with an "outperform" rating and $16 price target at BMO Capital Markets.
"Under the BMO Research base case scenario, Barrick is forecast to meet both capital requirements and debt repayment obligations moving forward at US$1,250/oz gold, and may reduce capital spending moving forward by implementing a 15% hurdle rate for new projects," BMO Capital said in an analyst note.
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."