Barrick profit surges 55% as gold prices spike

Gold soared to $1,589 per ounce

Canadian miner Barrick Gold reported a nearly 55% rise in quarterly adjusted profit on Wednesday, benefiting from a surge in gold prices and higher copper production.

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Barrick's adjusted profit rose to $285 million, or 16 cents per share, in the first quarter ended March 31, from $184 million, or 11 cents per share, a year earlier.

Realized gold prices rose to $1,589 per ounce from $1,307 per ounce a year earlier.

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