UNITED STATES January 05 2017 6:53 PM

NEW YORK (Scrap Register): United States silver scrap prices climbed on Wednesday, while silver futures prices at New York Mercantile Exchange settled higher as the US dollar retreated from a 14-year peak touched earlier this week. 

The major silver scrap commodities on the Scrap Register Price Index showed an up trend on Wednesday. The hallmarked silver scrap prices gained at $13.518 an ounce and non-hallmarked silver scrap prices advanced at $11.999 an ounce.

The most active March silver contract on the COMEX division of the New York Mercantile Exchange jumped by 14.3 cents to settle at $16.552 an ounce on Wednesday.

Bullion prices held their gains after minutes from the Federal Reserve's December meeting showed almost all of the policymakers thought the economy could grow more quickly because of fiscal stimulus under U.S. President-elect Donald Trump's administration.

Bullion prices have fallen sharply since Donald Trump was elected president as a soaring U.S. dollar, rising Treasury yields and a record-breaking rally on Wall Street have dampened its appeal.