Why Has Barrick Gold Stock Lost 20% In Value?

Why Has Barrick Gold Stock Lost 20% In Value?

The shares of Barrick Gold Corporation (NYSE: GOLD) have lost 20% in value since mid-April as gold prices declined from $2, 000/ounce in March to $1, 800 at present. While other commodities, including copper and iron, have also reported a decline over concerns of lower demand due to China's zero-tolerance policy on the pandemic, a strong U. S. dollar has been a deterrent to gold futures. The Russia-Ukraine war is causing key changes in geopolitical strategies of many countries – leading to new trade relations and energy security pacts. Thus, Trefis believes that growing uncertainties surrounding this shift is likely to propel gold prices until global macroeconomic stability is attained. Trefis highlights the historical trends in Barrick Gold's revenues across key operating segments in an interactive dashboard analysis. Will demand for precious metals grow in 2022 and 2023? In 2021, Barrick Gold reported 4. 4 million ounces of gold sales at an average price of $1, 790/ounce. Uncertainty surrounding macroeconomic recovery coupled with high benchmark oil prices led to a surge in commodity prices - assisting the company's top and bottom line in recent quarters. After observing a peak of $2, 200/ounce in 2020, the precious metal registered a correction