US Silver Scrap prices rise; Silver Futures report a weekly rise of 3.2%

UNITED STATES November 07 2016 9:39 PM

NEW YORK (Scrap Register): United States silver scrap prices rose on Friday, while silver futures prices at New York Mercantile Exchange settled lower as investors weighed the need for a haven before next week’s American presidential election against expectations of higher U.S. interest rates.

The major silver scrap commodities on the Scrap Register Price Index traded higher on Friday. The hallmarked silver scrap prices up by 1.2702% to $15.066 an ounce and non-hallmarked silver scrap prices gained to $13.3273 an ounce.

The most active December silver contract on the COMEX division of the New York Mercantile Exchange reversed from earlier gains to lost 4.5 cents to end at $18.371 an ounce, paring its weekly rise to roughly 3.2%. Silver prices fell more than 7% last month.

The U.S. added 161,000 new jobs in October, and the unemployment rate fell to 4.9% from 5%, though remained near an eight-year low. Hourly pay, meanwhile, has climbed by 2.8% over the past year, the fastest 12-month rise since June 2009.