US Silver Scrap prices drop 1%; Silver Futures fall below $17 an ounce

UNITED STATES December 12 2016 3:28 PM

NEW YORK (Scrap Register): United States silver scrap prices dropped by one percent on Friday, while silver futures prices at New York Mercantile Exchange fell to below $17 an ounce. 

The major silver scrap commodities on the Scrap Register Price Index dropped on Friday. The hallmarked silver scrap prices fell by 1.05 percent to $13.954 an ounce and non-hallmarked silver scrap prices down to $12.386 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange dropped 12.9 cents to settle at $16.967 an ounce on Friday. Prices had a strong midweek advance, leaving them up roughly 1.3% for the week.

Strength in the dollar can undercut demand for commodities including gold and silver, making them less attractive for holders of other currencies, and higher interest rates tend to lift the dollar and increase demand for higher-yielding alternatives to nonyielding gold.