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US Silver Scrap prices fall; Silver Futures rise 3.3% for the week

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NEW YORK (Scrap Register): United States silver scrap prices fell on Friday, while silver futures prices at New York Mercantile Exchange settled down on strong dollar.

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The major silver scrap commodities on the Scrap Register Price Index down by 0.849 percent on Friday. The hallmarked silver scrap prices fell to $13.542 an ounce and non-hallmarked silver scrap prices dropped to $12.021 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange declined by 11.8 cents to settle at $16.519 an ounce on Friday, paring its weekly rise to roughly 3.3%.

Silver prices gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve. The Labor Department reported that 156,000 jobs were added in December to cap off the sixth straight year in which the economy created more than 2 million new jobs.

An increase in wage growth, however, provided support for the argument that the employment market remains on a solid footing.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

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