NEW YORK (TheStreet) --Shares of Barrick Gold (ABX) are rising by 1.65% to $11.73 in early afternoon trading on Thursday, as the rally in gold prices drives some mining and related stocks higher today.
The yellow metal is getting a boost from the decline in the dollar and from the Fed's statements that raising interest rates should only come after continued improvements in the labor market, Reuters reports.
Gold for August delivery is advancing by 1.94% to $1,199.60 per ounce on the COMEX this afternoon.
"(The Fed was) a bit more dovish than the market had expected considering the improvement in economic data since the last meeting. Two quarter-percentage-point hikes before the end of the year could easily become just one if Greek worries, a strong dollar and low inflation outlook continue," Ole Hansen, an analyst at Saxo Bank told Reuters.
Barrick Gold is a Toronto, ON-based gold miner that operates by producing and selling gold and copper.
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."