NEW YORK (TheStreet) -- Shares of Yamana Gold Inc (AUY) were sliding, lower by 0.49% to $3.06 in midday trading Friday, along with other gold-related stocks after spot gold fell to a three week low level as the euro fell against the dollar ahead of the Greek bailout talks this weekend, Reuters reports.
In addition, prices are lower amid worries over the longer-term outlook for gold, Reuters added.
Earlier, spot gold hit its lowest level since June 5 at $1,168.25 an ounce.
At last check, spot gold was barely changed at $1,172.65 an ounce, while gold futures for August delivery was up 0.05% to $1,172.40 an ounce as of 12:09 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:
Yamana Gold (AUY; $3.20; 1,750 shares; 2.97%; 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 Tuesday, some 2% lower than where the stock ended the week. The underlying price of gold has stabilized and management is focused on ramping productions and cutting costs.
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