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Barrick Gold (ABX) Stock Slumping Along With Gold Prices

NEW YORK (TheStreet) -- Shares of Barrick Gold (ABX - Get Report) are down by 2.68% to $7.64 on Monday morning, as the metals and mining sector takes a hit from the decline in the price of gold.

Barrick Gold is a Toronto-based gold and copper producer. The company operates mines in Canada, the U.S., Argentina, Peru, Australia, the Dominican Republic and Papua New Guinea.

The price of the precious metal is trading in the red as the dollar strengthens today, the Wall Street Journal reports. The refocusing of views on U.S. monetary policy has inspired some investors to lock in profits from gold's gain last week.

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Gold for December delivery is slipping by 1.04% to $1,170.60 per ounce on the COMEX this morning.

A stronger dollar can weigh on gold as assets priced in the greenback can become more expensive to those that hold other currencies when the dollar rises.

"People generally thought that that rate hike was pushed off till early 2016. There's a little bit of profit-taking after...