US Silver Scrap prices fall; Silver Futures continue to stay above $20 an ounce

UNITED STATES July 11 2016 6:57 PM

NEW YORK (Scrap Register): United States silver scrap prices fell on Friday, while silver futures prices at New York Mercantile Exchange settled higher and recovering from lows underpinned by concerns over the outlook for financial markets after Britain's Brexit vote.

The major silver scrap commodities on the Scrap Register Price Index traded down on Friday. The hallmarked silver scrap prices declined to $16.234 an ounce and non-hallmarked silver scrap prices tumbled to $ 14.41 an ounce.

Meanwhile, the most active September silver contract on the COMEX division of the New York Mercantile Exchange gained 26.1 cents at $20.099 an ounce on Friday, after closing down 1.8% a day earlier to end a six-session win streak. For the week, gold tacked on 1.5%, while silver added 2.6% and both metals have climbed for six-straight weeks.

The prospects for a 2016 interest rate hike from the Federal Reserve increased on Friday following reports of robust domestic job gains last month. Fed futures contracts, which suggested before the jobs report that traders saw only a 19 percent chance of a U.S. rate hike by December, now suggest a higher chance. Investors poured the most money into United States-based funds invested in precious metals since February.