Fall in gold price is affecting Barrick Gold Corporation (USA) (NYSE:ABX)

Posted by Kristi Scott July 9, 2013 0 Comment 1337 views

A bull market in the precious metals industry has prevailed ever since the drop in gold prices, as the bounce in gold price makes the future uncertain and has already affected Barrick Gold Corporation (USA) (NYSE:ABX), since the company delayed its construction of gold mines. The company planned to start the construction at least after 18 months, given it believes the gold price will be stabilized.

The fall in gold price not only affected the world’s largest gold miner, Barrick Gold Corporation (USA) (NYSE:ABX), but also other mining corporations like Newmont Mining Corp and Newcrest Mining. Adding to the woes, labour unrest started in South Africa, since these strikes take place with the core demand of increasing the workers’ basic remuneration and improving working conditions. As a result of these strikes, Barrick Gold Corporation (USA) (NYSE:ABX), which runs South Africa’s biggest gold mines, definitely suffered loss. Hence Barrick’s share price has plunged 47.4% over the past year.

Shares of Barrick Gold Corporation (USA) (NYSE:ABX) closed at $13.90 on Tuesday, recording a gain of 0.83 percent over the previous closing price. The shares of the company are currently fluctuating in the range between $13.85 and $14.35, after opening at $14.12 per share. The shares of Barrick Gold Corporation (USA) (NYSE:ABX) recorded a 52-week low of $13.43 and a 52-week high of $43.19.

Barrick Gold Corporation (USA) (NYSE:ABX) recently recorded a trading volume of 15.58 million shares on Tuesday, while the average trading volume for the company amounts to 19.67 million shares per day. The company currently has 1.00 billion shares outstanding in the market, which accounts for a market capitalization of $14.14 billion. Institutional ownership in Barrick Gold Corporation (USA) (NYSE:ABX) is 74 percent of the company’s total equity capital.

About Kristi Scott

Kristi Scott joined GDP Insider in 2005 as a Wall Street reporter for the Business and Market section. Kristi covers the stock market, financial markets and personal finance. Her awards have come from the National Federation of Professional Writers, the Ohio Newspaper Association, the Cleveland Press Club, the Society of Professional Journalists and Suburban Newspapers of America. Kristi was named SNA's national Journalist of the Year

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