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Barrick Gold (ABX) Stock Rises as Gold Prices Gain

NEW YORK (TheStreet) -- Barrick Gold Corp. (ABX - Get Report) stock is advancing 5.76% to $7.89 in late morning trading on Wednesday as gold prices increased after new data supported a delayed U.S. rate hike.

Gold for December delivery is up 0.99% to $1,176.90 per ounce on the COMEX this afternoon.

The dollar weakened on soft U.S. data adding to concerns that the Fed will wait to raise the interest rates, Reuters reports.

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"The U.S. retail data have taken all the singing and dancing away from the U.S. dollar, which is under heavy selling pressure and hence we are experiencing another massive upward move for the precious metal," Ava Trade chief market analyst Naeem Aslam told Reuters, "The data ... showed that the U.S. consumers are holding back... This has pushed out the rate hike expectations which was the biggest curse for the yellow metal."

Toronto-based Barrick Gold is a gold and copper mining...


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