Barrick Gold stock down 11% despite high gold prices, facing challenges with potential upside

From Nasdaq: 2024-06-12 00:51:33

Barrick Gold stock (NYSE: GOLD) has decreased by 11% year-to-date despite rising gold prices. Weak Q1 results show a 1% production decline due to various factors. Costs are up by 8%. GOLD stock has fallen 40% since January 2021, underperforming the S&P 500. Can Barrick Gold recover amidst a bullish sentiment for precious metals and plans to scale up copper production?

Barrick Gold’s production is expected to improve with the expansion of the Pueblo Viejo plant and the restart of the Porgera mine. Full-year gold production guidance is 3.90 to 4.30 million ounces with cost projections of $1,320 to $1,420 per ounce. The company’s move to boost its copper business could drive additional upside for the stock. With a $17 price estimate slightly above the current market price, Barrick Gold faces both challenges and opportunities in the coming months.



Read more at Nasdaq: Despite Strong Gold Prices, Barrick Stock Is Down 11% This Year. Is It A Good Bet?