Barrick Gold upgraded to Buy at Argus, sees gold remaining in demand

As previously reported, Argus upgraded Barrick Gold to Buy from Hold with a $24 price target. The company is a major producer of gold, with a long history as an industry leader, and also possesses a clean balance sheet, the analyst tells investors in a research note. Given global economic uncertainty, the wars in Ukraine and the Middle East, and inflation, gold – which is already trading near the top of its five-year range – is likely to remain in demand, the firm states. Argus added that it is also impressed with the company’s decision to run the business for the long term, focusing on replenishing and replacing gold reserves, rather than buying them at a premium.