After tumbling on Monday, U.S. stocks are gaining following China's central bank's attempt today to boost its economy by decreasing interest rates and banks' reserve requirements.
Also, data from the Conference Board released today showed consumers' view of the U.S. economy strengthened in August, and a different report showed newly built home sales increased in July, The Wall Street Journal reports.
This positive data has renewed talk of a possible interest rate hike by the Fed as early as next month, which would weigh on the price of "safe haven" assets such as gold, according to The Journal.
Gold for December delivery is down 1.47% to $1,136.60 per ounce on the COMEX this afternoon.
Insight from TheStreet Research Team
Yamana Gold is part of the Stocks Under $10 portfolio. David Peltier, Stocks Under $10 Portfolio Manager, recently had this to say about the company:
On the other hand, Yamana Gold is down some 6%, as the underlying price of gold has reversed some of its recent gains today. Even so, we believe this remains a good portfolio hedge and that management remains focused on improving margins.
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