YAMANA GOLD INC (AUY) 13.22 -$0.10 (-0.75%) 04:07AM (15 mins delay)

Gold Reaching for $1,100

Nov 04, 2009 - 4:09 PM EST

Following the Fed's statement this afternoon, gold continued its surge higher as the precious metal reaches for the $1100 per ounce mark. Curretntly, the spot price is just about $1095 per ounce, but the Federal Reserve's pledge to keep interest rates lower for an extended period of time could push the US Dollar lower and gold higher. Higher gold prices this afternoon are helping out some mining stocks as well, as Yamana Gold (AUY) is trading higher by more than two percent despite lackluster earnings last night. The company announced adjusted earnings of twelve cents per share, just missing Wall Street estimates of thirteen cents per share. However, not all gold miners were experiencing the uptick in stock price this afternoon, as GoldCorp (GG) was trading in the red despite gold's move higher. For MarketNewsVideo.com, I'm Sayoko Murase.

Source: Market News Video (Nov 04, 2009 - 4:09 PM EST)