Barrick Gold (ABX) Stock Down as Gold Prices Hit Three Week Low

NEW YORK (TheStreet) -- Shares of Barrick Gold Corp.  (ABX) are lower by 0.36% to $10.95 in midday trading Friday, along with other gold-related stocks as the precious metal prices trade in the red.

Gold fell to a three week low level as the euro fell against the dollar ahead of the Greek bailout talks this weekend, Reuters reports.

In addition, prices are lower amid concerns over the longer-term outlook for gold, Reuters added.

Earlier, spot gold hit its lowest level since June 5 at $1,168.25 an ounce.

At last check, spot gold was hovering around $1,171.41 an ounce, while gold futures for August delivery was up 0.02% to $1,172 an ounce as of 11:58 a.m. ET today.

Toronto-based Barrick is a gold miner that operates mines and advanced exploration and development projects in Canada, the U.S., the Dominican Republic, Australia, Papua New Guinea, Peru, Chile, Argentina, Zambia, Saudi Arabia and Tanzania.

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 some concerns, 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."

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