NEW YORK (Scrap Register): United States silver scrap prices showed a down trend on Wednesday, while silver futures prices at New York Mercantile Exchange gained despite mildly hawkish comments by the Fed chief on the need to raise rates sooner rather than later.
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The major silver scrap commodities on the Scrap Register Price Index down by 1.35% on Wednesday. The hallmarked silver scrap prices dropped to $14.720 an ounce and non-hallmarked silver scrap prices down to $13.066 an ounce.
The most active March silver contract on the COMEX division of the New York Mercantile Exchange rose 7.4 cents to settle at $17.963 an ounce on Wednesday.
Silver prices gained despite Federal Reserve Chair Janet Yellen told Congress that waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises.
Yellen said that even though the Fed expects to hike gradually and to keep policy accommodative, getting rates back to normal levels is important and hikes will be considered ahead.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)