NEW YORK (TheStreet) -- Shares of Yamana Gold (AUY) - Get Report are up 2.69% to $4.01 in afternoon trading Monday, as gold-related stocks rally on climbing gold prices, following last week's rate announcement by the Federal Reserve, Reuters reports.

Gold prices have been gaining for the fourth straight session today after the Fed issued its more cautious than expected interest rate statement, according to Reuters.

As the dollar extended losses, the precious metal reached its highest level in more than two weeks with spot gold hitting $1,188.80 an ounce earlier today.

Gold futures for April delivery are up 0.24% to $1,187.50 an ounce as of 12:45 p.m. ET today.

Canada-based Yamana is a gold producer, engaged in gold production, gold development stage properties, exploration properties and land positions in Brazil, Chile, Argentina, Mexico and Colombia.

Insight from TheStreet's Research Team:

Yamana Gold is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Dave had to say about the stock: 

This gold-and- copper exploration company operates seven mines and several ongoing development projects in Brazil, Argentina and Chile. The shares gained nearly 5% this week, as Yamana was upgraded on Friday at HSBC from neutral to overweight. The underlying price of gold appears to have stabilized and we believe management can continue to grow production in the coming quarters, while keeping a tight lid on costs.

- David Peltier, 'Stocks Under $10 Weekly Roundup' originally published 3/20/2015 on Stock Under $10..

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AUY data by YCharts