Barrick Gold Surges as Gold Price Rallies
Aug 12, 2024 By MarketDepth
Barrick Gold (GOLD) posts adjusted earnings beating estimates as gold prices climb. With earnings coming in strong the company says it expect to meet its goals for the full year. With the positive news and the company reiterating it is buying back $1 billion in stock the market sent the stock surging.
The company announced adjusted earnings of $557 million which beat analysts expectations. Many gold miners are seeing positive results with higher gold prices. The company is project a production of between 3,900 to 4,300 ounces of gold for the fiscal year.
The stock is up 8.5% intraday to a price of $18.90 with many miners seeing pressure during the beginning of the year Barrick has bounced back and is up $1 year-to-date from $17.88. The gold market is starting to heat up as positive prices are bringing life back into the slumping sector.
