UNITED STATES May 30 2016 9:32 PM
NEW YORK (Scrap Register): United States silver scrap prices declined on Monday, while silver futures prices at New York Mercantile Exchange ended lower as traders betting the Federal Reserve is likely to raise rates this summer after a raft of hawkish remarks from individual officials and the April meeting minutes.
The major silver scrap commodities on the Scrap Register Price Index traded down on Friday. The hallmarked silver scrap prices dropped to $13.419 an ounce and non-hallmarked silver scrap prices down to $11.911 an ounce.
The most active June silver contract on the COMEX division of the New York Mercantile Exchange settled lower by 7.4 cents to $16.269 an ounce on Friday, with prices down about 1.6% for the week.
Data showed the US economy did not lose as much momentum in the first quarter as previously feared. But the 0.8% expansion in GDP was hardly something to write home about.