Investing.com -- Mining stocks topped the FTSE 100 index in Friday's morning trade as gold and silver prices continued to rise.

As of 08:30 AM GMT, Fresnillo PLC (LON:FRES) led the gains, with shares up about 2.2%. Other miners also advanced, including Anglo American PLC (LON:AAL), which rose 0.6%, Endeavour Mining, up 1.7%, and Glencore, which gained roughly 2.3%.

The strong performance of mining stocks coincided with rising precious metals prices. Gold was up 0.3% at $3,644.1 per ounce by, while silver rose 1.6% to $42.2 an ounce.

The rally in precious metals comes as signs of a cooling U.S. labor market strengthened expectations for an interest rate cut by the Federal Reserve at its meeting next week, even though recent inflation data came in slightly above forecasts.

Gold is on track for a fourth consecutive weekly gain, trading near all-time highs as investors position themselves ahead of the Fed's anticipated shift toward a more accommodative monetary policy.

The metal's price movement reflects market sentiment that economic conditions, particularly in employment, warrant monetary policy adjustment despite inflation remaining somewhat persistent.