Shares of gold and silver companies climbed Friday along with the price of the precious metals, after the Labor Department released weaker-than-anticipated economic data which could make it less likely the Federal Reserve will raise interest rates again.

Gold is often used by investors to hedge against inflation. The Fed has boosted rates 16 times since June 2004, in a bid to curb inflation.

July gold on the New York Mercantile Exchange rose $4.50 to $635 an ounce by midday Friday after rising as high as $635 an ounce.

Reno, Nev.-based Meridian Gold Inc. climbed 90 cents, or 2.9 percent, to $32.29 on the New York Stock Exchange.

Elsewhere in the sector, Newmont Mining Corp. gained $1.48, or nearly 3 percent, to $53.15 on the NYSE; Vancouver-based Goldcorp gained 21 cents to $30.58; and Agnico-Eagle Mines Ltd. gained 74 cents, or 2.2 percent, to $34.33.

Meanwhile, July silver rose 18 cents to $12.08 an ounce on the New York Mercantile Exchange.

Shares of silver and gold mining company Coeur d'Alene Mines Corp. led silver stocks' gainers, rising 3 percent to $5.05 in afternoon trading on the NYSE.

On Thursday, the company said it completed the sale of its Coeur Silver Valley subsidiary to U.S. Silver Corp. for $15 million in cash.

Elsewhere in the sector, Vancouver-based Silver Standard Resources Inc. gained 15 cents to $18.74 on the Nasdaq. Meanwhile, Silver Wheaton Corp. added 5 cents to $8.58 on the Big Board, and Hecla Mining Co. gained 4 cents to $5.54.