US Stock Market Move | Fourth-quarter profits exceeded expectations, Barrick Gold Corporation (GOLD.US) surged more than 6.5%.

On Wednesday, Barrick Gold Corporation (GOLD.US) saw its stock price rise, with the stock up more than 6.5% to $18.19 as of the article's publication. The company announced fourth-quarter earnings that exceeded expectations. Data showed that the world's second-largest gold miner had adjusted earnings per share of 46 cents in Q4, higher than analysts' expectations of 41 cents. Gold production reached 1.08 million ounces, higher than the 1.05 million ounces in the same period last year, largely due to solid performances in its North American, African, and Middle Eastern operations. In 2024, gold prices rose by over 27% for the year, driven by safe-haven demand, rate cuts, and central bank gold purchases, marking the largest annual increase since 2010. Additionally, the company announced a new $1 billion share buyback program to replace the existing one that was set to expire on February 14, 2024.