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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,331,319
Close 2016-10-05 C$ 21.07
Market Cap C$ 24,553,530,891
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Post says Barrick, others see gold have a down day

2016-10-05 06:54 ET - In the News

Also In the News (C-G) Goldcorp Inc (2)
Also In the News (C-K) Kinross Gold Corp (2)

The Financial Post reports in its Wednesday edition that gold slipped below $1,300 an ounce Tuesday, surrendering all the gains it had made since the surprise Brexit vote in June sent it on a rally. The Post's John Shmuel writes that the gold segment of the Toronto Stock Exchange was down 9.3 per cent Tuesday, while gold prices for December delivery settled down 3 per cent lower to $1,269.70 an ounce. It was the worst one-day performance for the precious metal in three years. The bloodbath for gold and gold miners started when Richmond Federal Reserve president Jeffrey Lacker said he would have voted in favour of hiking rates at the Fed's September meeting, had he been able to. The remark, made during a speech in Charleston, W.Va., shows that pressure is growing on Fed chairman Janet Yellen to raise interest rates. "Given Lacker's statement alone, gold is not going to respond well to that," said Tim Evans at Long Leaf Trading Group in Chicago. "The environment that we're in, with the expectations of a rate hike coming and no signs of inflation in the near term, is just a very negative for gold." Gold has now retreated nearly $100 since its post-Brexit high of $1,368.1. Bullion is still up 20 per cent for the year.

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