U.S. gold futures for August closed down at $1,171.80 an ounce, and at last check gold futures were lower by 0.63% to $1,171.60 an ounce as of 2:53 p.m. ET today.
Spot gold was barely changed at $1,171.45 an ounce as of 2:59 p.m. ET.
Gold prices fell as Greece formally requested a third Eurozone bail-out, asking for a reduction in the country's outstanding debt as investors remain cautious over the precious metal's longer-term outlook, Reuters reports.
The troubled country is asking for a new two-year aid deal, which the Eurozone finance ministers will discuss in a teleconference tonight, BBC reports.
If Greece fails to repay the International Monetary Fund loan, Greece risks exiting the Eurozone.
Gold often rallies during times of financial market turmoil, but has found little support from safe-haven bids, according to Reuters.
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 several 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 generally high debt management risk, weak operating cash flow, generally disappointing historical performance in the stock itself and unimpressive growth in net income."