Gold for December delivery was down 0.63% to $1,364 per ounce on the COMEX. Silver for September delivery was falling 1.24% to $20.45 per ounce.
Earlier today, unofficial July jobs data from Automatic Data Processing indicated that the U.S. added 179,000 private-sector jobs in the month, MarketWatch Reports.
This comes ahead of the Labor Department's official monthly jobs report due out on Friday. If the Labor Department report mirrors ADP's, the data could give the Federal Reserve enough confidence that the economy is strong enough to withstand an interest rate increase.
The Fed meets again to discuss interest rates in September, and if they agree on an increase, commodity metals like gold will lose some of their value as investors seek assets that provide a yield.
Hecla Mining is a Coeur D Alene, ID-based silver, gold, lead and zinc miner.
Separately, 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 rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, TheStreet Ratings also finds weaknesses including disappointing return on equity, weak operating cash flow and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: HL