NEW YORK (Scrap Register): United States silver scrap prices slightly up on Thursday, while silver futures prices at New York Mercantile Exchange declined as investors booked profits after the Fed gave no firm signal on the timing of its next rate hike.
The major silver scrap commodities on the Scrap Register Price Index gained by 0.628% on Thursday. The hallmarked silver scrap prices climbed to $14.58 an ounce and non-hallmarked silver scrap prices advanced to $12.942 an ounce.
The most active March silver contract on the COMEX division of the New York Mercantile Exchange edged down by 2.1 cents to settle at $17.429 an ounce on Thursday, giving up earlier gains.
The Federal Reserve held its fire on interest rates as widely expected on Wednesday, but was optimistic on the outlook for the economy in keeping its benchmark overnight lending rate target at 0.5% to 0.75% following a 25 basis point hike in December. Job gains remained solid and the unemployment rate stayed near its recent low, the statement said, reflecting just a minor tweak from language at the December meeting.