Silvercorp Metals Inc's stock soared 5.05% during intraday trading on Wednesday, tracking a sharp rally in the price of the underlying metal.

The surge in the silver miner's shares followed a 5.1% jump in spot silver prices, which was buoyed by a weaker U.S. dollar and lower Treasury yields. Investors were positioning ahead of the release of key U.S. employment data, which would provide clues on the Federal Reserve's monetary policy path.

Following the report, the strong jobs data reinforced the view that the Federal Reserve may keep interest rates unchanged for some time, providing continued support for precious metals like silver. Shares of silver miners across the board advanced as they tracked the gains in the commodity's price.