Gold prices rose following the release of the weaker than expected U.S. government index on employment costs.
The Employment Cost Index, which is the broadest measure of labor costs, rose 0.2%, according to the Labor Department. Economists polled by Thomson Reuters were expecting the ECI to increase by 0.6%.
U.S. gold futures for December were up 0.48% to $1,093.90 an ounce as of 3:24 p.m. ET today.
Spot gold was hovering around $1,097.11 an ounce, after initially jumping about 1.4% to a session high of $1,103.10 an ounce.
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:
Yamana Gold ( (AUY) - Get Report; $2.05; 2,300 shares; 2.69%; Inflection Point; $12.50 price target): This gold-and- copper exploration company operates seven mines and several ongoing development projects in Brazil, Argentina and Chile. We bought 300 shares on Monday, as the stock declined 14% this week. While underlying gold prices have also pulled back, the stocks, including Yamana, appear oversold at current levels.
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