Barrick Gold Corporation (NYSE:GOLD) shares are trading higher today amid traders' optimism that the Fed will cut the rate. The company also reported preliminary production details.
Barrick Gold reported second-quarter production of 948,000 ounces of gold and 43,000 tonnes of copper, with preliminary sales of 956,000 ounces of gold and 42,000 tonnes of copper.
The company expects gold and copper production to increase each quarter in 2024, with more output in the second half, remaining on track to meet its full-year guidance.
In particular, preliminary second-quarter gold production exceeded first-quarter, driven by increased output at Turquoise Ridge after first-quarter maintenance, successful ramp-up at Porgera, and significant gains at Tongon, North Mara, and Kibali, partially offset by planned lower production at Cortez and Phoenix.
On the other hand, the preliminary second-quarter copper production grew Q/Q, mainly due to higher grades and recoveries at Lumwana following the ramp-up in stripping activities and a planned first-quarter shutdown.
The average market price for gold in was $2,338 per ounce, and for copper, it was $4.42 per pound.
Barrick will report its quarterly results on August 12, 2024.
Investors can gain exposure to the stock via Sprott Gold Miners ETF (NYSE:SGDM) and VanEck Gold Miners ETF (NYSE:GDX).
Also Read: Barrick Gold Navigates New Mining Code, Political Changes To Secure Mali Operations
Price Action: GOLD shares are up 4.08% at $19.11 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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