After the U.S. Labor Department's May employment data was released today, showing the fewest number of jobs were created in nearly six years, the price of metals started climbing. The economy added 38,000 jobs last month, lower than analysts' expectations of 162,000, CNBC reports.
The data will likely delay a Federal Reserve interest rate hike, driving traders to buy into precious metals which do not offer a yield.
The odds of the Fed implementing an interest rate increase by June is down to 4% from 21% prior to the report, CNBC says.
Late this afternoon, Gold is soaring by 2.59% to $1,244.90 per ounce and silver is climbing by 2.37% to $16.41 per ounce, according to CNBC.
Separately, TheStreet Ratings rated First Majestic Silver as a "sell" with a score of D+.
This is driven by a few notable weaknesses, which 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
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.