UNITED STATES November 28 2016 7:11 PM
NEW YORK (Scrap Register): United States silver scrap prices edged up on Friday, while silver futures prices at New York Mercantile Exchange nosed higher by 7 cents.
The major silver scrap commodities on the Scrap Register Price Index traded higher on Friday. The hallmarked silver scrap prices gained by 0.96% to $13.555 an ounce and non-hallmarked silver scrap prices advanced to $12.032 an ounce.
The most active December silver contract on the COMEX division of the New York Mercantile Exchange up by 7 cents to end at $16.465 an ounce on Friday. Silver ended the week down 0.4% after earlier this week hitting its lowest mark since June.
Silver prices have slumped into a bear market if measuring the roughly 20% drop from their 52-week high of $20.666 an ounce, reached on August 2, to levels hit this week.
The US dollar gleaned strength from news that US durable goods orders rose much more strongly than forecasted – it was up 4.8% month-on-month versus an expected uptick of 1.7%. The report is the latest testament to the strength of the US economy and appears to cement the case for the US Federal Reserve to hike rates in December.