Why Barrick Gold Stock Fell 11% in July
Falling 5.6% through the first half of 2022, shares of Barrick Gold (NYSE: GOLD) began the second half of the year on a similarly lackluster note. While the S&P 500 bounded 9.1% higher last month, Barrick's stock tumbled 11%, according to data from S&P Global Market Intelligence.
Besides the declining market price of gold, the company's preliminary second-quarter results and bearish attention from Wall Street motivated investors to sell shares in July.
After declining more than 6% through the first two weeks of July, the price of gold bounced higher in the second half of the month, resulting in it only falling about 3.5%. There's a strong correlation between the movements in the prices of commodities and the stocks of companies that deal in them, so the slide of Barrick's stock was likely expected by those who follow the precious metal.
Source Fool.com
