NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX) are down by 6.05% to $6.91 in mid-morning trading on Friday, as stocks within the metals and mining sector take a hit due to the decline in the price of gold.
The price of the precious metal is trading in the red following strong U.S. jobs growth data, which is upping the likelihood the Federal Reserve will raise interest rates in December.
Barrick Gold is a Toronto-based gold and copper producer with mines in Canada, the U.S., Argentina, Peru, Australia, the Dominican Republic and Papua New Guinea.
Gold for December delivery is falling by 1.47% to $1,088 per ounce on the COMEX this morning.
For October, nonfarm payrolls increased by 271,000, the biggest gain since December 2014, Reuters reports. The unemployment rate declined to 5%, the lowest level since April 2008.
"With numbers like these, the Fed are almost duty bound to raise rates within this year," Mitsubishi metals analysts Jonathan Butler told Reuters
Higher interest rates can weigh on gold as the metal struggles to compete against interest bearing assets.
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 deteriorating net income, generally high debt management risk, disappointing return on equity and generally disappointing historical performance in the stock itself.