Argus cuts Barrick Gold to Hold on limited gold price upside

As previously reported, Argus downgraded Barrick Gold to Hold from Buy. Given the global economic uncertainty, the wars in Ukraine and the Middle East, and inflation, gold – already trading near the top of its five-year range – is likely to remain in demand, though gold prices may not move substantially above the recent levels as it is already trading near the top of its five-year range, the analyst tells investors in a research note. Argus adds however that it remains at Buy on Barrick Gold stock for the long-term as it is “imprssed” by the company’s decision to focus on replenishing and replacing gold reserves, rather than buying them at a premium.