Gold prices are declining due to uncertainty about future Federal Reserve interestrate hikes, the Wall Street Journal reports.
The Fed announced it will maintain current interest rates while it is "monitoring global economic and financial developments," the Federal Open Market Committee said in a statement on Wednesday.
Gold struggles to compete with interest-bearing assets when interest rates are raised.
"You're going to see a lot of debate on when and how much the Fed will increase," said George Gero, a senior vice president with RBC Capital Markets Global Futures, told the Journal.
Gold for April delivery is down by 0.10% to $1,114.70 per ounce on the COMEX this afternoon.
Based in Toronto, Yamana is a gold mining company that operates in Brazil, Chile, Canada, and Mexico.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: AUY