U.S. gold futures for August delivery were lower by 0.39% to $1,181.20 an ounce as of 2:02 p.m. ET today, while spot gold was nearly flat at $1,181.45 an ounce.
Gold prices are lower due to the stronger dollar ahead of the U.S. Federal Reserve policy meeting announcement, according to Reuters.
"Gold is weaker because people are still thinking that the U.S. economy is recovering," Citigroup strategist David Wilson told Reuters.
The Federal Open Market Committee begins its 2-day policy meeting today.
Fed chair Janet Yellen has said the committee plans to raise interest rates this year. Economists believe the Fed will hike rates for the first time in nearly a decade in September.
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; $3.24; 1,550 shares; 2.72%; 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 200 shares on Monday, as the stock fell 6% this week. The underlying price of gold appears to have stabilized and management can continue to cut costs in the coming quarters.
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