Gold, silver and mining stocks were surging higher Friday as U.S. and eurozone economic data pointed to a further worsening of economic conditions.

Spot gold was 3.2% higher of 11:24 a.m., breaking through the $1,600 level and bid at $1,610.20. The morning high reached $1,619.20, while prices touched as low as $1,548.40, according to Kitco market data. The London afternoon reference price was set at $1,606, a whopping $48 an ounce above Thursday’s afternoon reference price.

Spot silver was showing a 2.71% gain, bid back above $28 at $28.46 an ounce. The morning high as of time of writing was $28.75, with the low reaching $27.22. Friday’s reference price was set at $27.38 — 72 cents an ounce below Thursday’s price fix.

Job creation essentially stalled in May, as just 69,000 jobs were added to the U.S. economy, the Bureau of Labor Statistics reported. The unemployment rate rose to 8.2%, the first increase in almost a year. Economists had expected around 158,000 in new jobs. Counting discouraged workers, U.S. unemployment rose to 14.8% from 14.5%, while the ranks of the long-term unemployed — those out of work for 27 weeks or more — jumping to 5.4 million from 5.1 million.

Construction spending increased for a second straight month, gaining 0.3%, fueled by a surge in housing, the Commerce Dept. reported. March’s figure was revised upwards. Construction spending has grown 6.3% during the past 12 months.

Employment and manufacturing conditions have deteriorated significantly in Europe, according to the latest statistics from Eurostat. Eurozone unemployment hit a record-high 11% in March-April, while manufacturing sank to its lowest level in three years.

The Spanish government reported that the country’s regions ran balanced budgets in Q1, even as Spanish bond yields continue to rise, raising the specter of Spain being forced to request emergency aid or exit the eurozone.

Gold bullion jumped above $1,600 an ounce in London morning trading Friday, BullionVault reported, as the ISM survey of U.S. manufacturing dropped to 53.5 in May, down from April’s 54.8 reading. “The larger trend remains bearish, [however,]” BullionVault quoted technical analyst Russell Browne at bullion bank Scotia Mocatta.

Gold and silver trusts were up sharply.

The SPDR Gold Trust (NYSE:GLD) was showing gains of around 3.2%.
The iShares Gold Trust (NYSE:IAU) was up around 3.2%.
The iShares Silver Trust (NYSE:SLV) was up nearly 2.8%.

Gold and silver mining ETFs were surging higher.

The Market Vectors Gold Miners ETF (NYSE:GDX) was surging, up more than 6.4%.
The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up nearly 6.6%.
The Global X Silver Miners ETF (NYSE:SIL) was up some 3.4%.

Gold mining shares were surging higher.

Agnico-Eagle Mines (NYSE:AEM) was up more than 8.3%.
Barrick Gold (NYSE:ABX) was around 6.9% higher.
Eldorado Gold (NYSE:EGO) was around 4.5% higher.
Goldcorp (NYSE:GG) was surging higher, up some 9.5%.
Kinross Gold Corp. USA (NYSE:KGC) was up nearly 6.3%.
Newmont Mining (NYSE:NEM) was showing gains of nearly 7.3%.
NovaGold Resources (NYSEAMEX:NG) was up around 5.3%.
Yamana Gold (USA) (NYSE:AUY) was up nearly 6%.

Silver mining shares were up sharply as well.

Coeur d’Alene Mines (NYSE:CDE) was up some 6.75%.
Hecla Mining (NYSE:HL) was some 4% higher.
Pan American Silver (NASDAQ:PAAS) was showing gains of more than 4%.
Silver Wheaton (NYSE:SLW) was up around 3.9%.
Silver Standard Resources (NASDAQ:SSRI) was some 4.4% higher.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.