For December delivery, gold was down 3.06% to $1,272.60 per ounce on the COMEX this afternoon.
Gold was lower today following higher-than-expected U.S. manufacturing data released yesterday. The ISM Manufacturing Index, which measures production activity, came in at 51.5 for September and beat analysts' estimates of 50.2.
The U.S. dollar climbed following the report, weighing on gold prices as the metal became more expensive to foreign buyers.
Additionally, the manufacturing data renewed analysts' speculation that the Federal Reserve would increase interest rates by year's end. Gold tends to fare poorly when rates are raised as investors seek assets that offer high yields.
Analysts will watch for U.S. September payrolls data on Friday to provide more clues into the Fed's future rate decisions.
Separately, Barrick Gold said today that it resumed normal operations at Argentina's Veladero mine following approval from authorities in the country's San Juan province.
A leak of processing solutions at the mine in September forced the Toronto-based mining company to halt production there.
Barrick Gold said today it continues to expect total gold production for 2016 in the range of 5 million to 5.5 million ounces.
More than 26.29 million shares of Barrick Gold have traded hands so far on Tuesday vs. the 30-day average volume of about 16.61 million shares.
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