Newmont Mining (NEM) Stock Slipping Amid Lower Gold Prices, Strong Jobs Data

NEW YORK (TheStreet) -- Shares of Newmont Mining Corp  (NEM) were slumping, down 3.99% to $25.73 in midday trading Friday, as gold price slip to trade in the red following some positive jobs data released earlier this morning, according to Reuters.

U.S. employment data for May, released at 8:30 a.m. ET, was better-than-expected. 

Non-farm payrolls rose by 280,000 last month, compared to the increase of 225,000 economists polled by Thomson Reuters had forecast.

The jobless rate came in slightly higher at 5.5%, versus the 5.4% economists were expecting.

The dollar rallied, up 1.1% versus a basket of currencies following the positive jobs data, Reuters reports.

A stronger dollar makes gold more expensive for holders of other currencies, Reuters added.

Spot gold reached its lowest level since March 19 at $1,162.35 an ounce earlier today before recovering to trade at $1,167.71 an ounce as of 12:29 p.m. ET today.

Gold for August Delivery was trading lower by 0.63% to $1,167.80 an ounce as of 12:23 p.m. ET today.

The precious metal is heading for a third consecutive weekly decline, Reuters noted.

Greenwood Village, Colo.-based Newmont Mining is primarily a gold producer with operations and assets in the U.S., Australia, Peru, Indonesia, Ghana, New Zealand and Mexico.

Separately, TheStreet Ratings team rates NEWMONT MINING CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate NEWMONT MINING CORP (NEM) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."

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