NEW YORK (Scrap Register): United States silver scrap prices advanced on Monday, while silver futures prices at New York Mercantile Exchange closed higher as the dollar rose on expectations that the US Federal Reserve will raise interest rates at its policymaking meeting next week.
The major silver scrap commodities on the Scrap Register Price Index rose on Monday. The hallmarked silver scrap prices gained by 1.65 percent to $13.682 an ounce and non-hallmarked silver scrap prices advanced to $12.145 an ounce.
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The most active March silver contract on the COMEX division of the New York Mercantile Exchange gained 6.7 cents to settle at $16.90 an ounce on Monday.
US services sector activity hit a one-year high in November, with a surge in production boosting hiring, further evidence of strength in the economy that clears the way for the Federal Reserve to raise interest rates next week.
Fed officials cautioned that the incoming Trump administration's economic plans should not be cast as if the economy is in crisis, but instead be designed to help the economy's long-run prospects.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
