Gold prices are down 1.46% to $1,258.30 per ounce, while the price of silver is dropping 2.17% to $16.88 per ounce, CNBC reports.
The slipping prices in precious metals come as the Federal Reserve indicated a June interest rate increase is possible, which would boost the dollar and reduce demand for dollar-denominated commodities, MarketWatch reports.
The possibility of a interest rate hike was revealed in the minutes of the Fed's Open Market Committee meeting released today, and held April 26 to April 27.
"The odds still remain long that economic data will support a rate hike at the June meeting, or that the Fed will choose to hike just days in advance of the Brexit vote," Brien Lundin, Editor of Gold Newsletter, told MarketWatch.
The Fed would be in the wrong if they hiked interest rates "but they are bent on doing it because they see inflation heating up," TheStreet's Jim Cramer said today.
Yesterday, First Majestic stock soared around 8% as a weak dollar pushed silver and gold prices higher.
Vancouver-based First Majestic is a mining company dealing with the production, development, exploration and acquisition of mineral properties, primarily focused on silver production in Mexico.
Separately, TheStreet Ratings rated First Majestic Silver as a "sell" with a score of D+.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
This is driven by a few notable weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: AG