Gold for December delivery was falling 0.85% to $1,315.80 per ounce on the COMEX this afternoon.
A stronger U.S. dollar weighed on gold prices today, as the metal became more expensive and less attractive to foreign investors.
Additionally, analysts are waiting for the monthly jobs report on Friday from the Labor Department to look for further indication of the pace and severity of upcoming interest rate hikes, Reuters reports.
Federal Reserve Vice Chairman Stanley Fischer said that the U.S. job market is nearly at full strength and that the central bank will weigh future economic data in its decision to hike rates, according to an interview cited by Reuters.
Gold fares poorly in high-interest environments as investors seek assets that provide yields.
Barrick Gold is a Toronto-based gold mining company.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and increase in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and disappointing return on equity.
You can view the full analysis from the report here: ABX