US Silver Scrap prices gain; Silver Futures settle lower by 3%

UNITED STATES January 11 2016 6:24 PM     

NEW YORK (Scrap Register): United States silver scrap prices  gained on Friday, while silver futures prices at New York Mercantile Exchange  settled lower amid a stronger dollar, as China halted a week-long equity rout  and a mixed U.S. jobs report provided further ambiguity on the timing of the  Federal Reserve's next interest rate hike.

The major silver scrap  commodities on the Scrap Register Price Index traded up on Friday. The  hallmarked silver scrap prices rose to $11.558 an ounce and non-hallmarked  silver scrap prices advanced to $10.26 an ounce.

The most  active March silver contract on the COMEX division of the New York Mercantile  Exchange settled lower by 3% to $13.918 an ounce on Friday.

The Federal  Reserve is expected to continue moving its interest rates higher over this year,  while the pace of increases will be data dependent. Fed's Lacker expressed  confidence that inflation in the US will return to the Fed's 2% target once oil  prices and the US dollar stabilize.

The U.S. Department of Labor's  Bureau of Labor Statistics (BLS) said in its December national employment report  that nonfarm payrolls surged by 292,000 last month, significantly above  expectations for a consensus gain of 200,000.