UNITED STATES August 08 2016 7:14 PM
NEW YORK (Scrap Register): United States silver scrap prices advanced on Friday, while silver futures prices at New York Mercantile Exchange turned lower.
The major silver scrap commodities on the Scrap Register Price Index traded up on Friday. The hallmarked silver scrap prices gained to $16.646 an ounce and non-hallmarked silver scrap prices advanced to $14.776 an ounce.
Meanwhile, the most active September silver contract on the COMEX division of the New York Mercantile Exchange down by 62.6 cents to settle at $19.817 an ounce, marking the metal’s sharpest daily drop since May 19. Silver booked a 2.6% weekly loss.
US July employment [data] is certainly bearish for gold and silver. It indicates very high chances of a December interest-rate hike and also a very small possibility of an interest-rate hike in September.