US Silver Scrap prices gain; COMEX Silver jumps 34 cents

UNITED STATES June 06 2016 6:37 PM

NEW YORK (Scrap Register): United States silver scrap prices gained on Friday, while silver futures prices at New York Mercantile Exchange settled higher amid a broadly weaker dollar, as markets largely ruled out a summer interest rate hike from the Federal Reserve following a dismal U.S. jobs report.

The major silver scrap commodities on the Scrap Register Price Index traded up on Friday. The hallmarked silver scrap prices advanced to $13.501 an ounce and non-hallmarked silver scrap prices up to $11.984 an ounce. 

The most active May silver contract on the COMEX division of the New York Mercantile Exchange jumped 34 cents to $16.365 an ounce on Friday and was on track to post its biggest one-day climb in six weeks. For the week, silver was up about 0.6%. 

The U.S. Department of Labor's Bureau of Labor Statistics (BLS) said nonfarm payrolls in May rose by 38,000, less than a quarter of expectations for monthly job gains of 158,000. 

It marked the slowest monthly job growth since September, 2010 and raises questions on the strength of the broader economy following a downwardly revised total of 123,000 in April.