Silver Futures climb to above $17 an ounce

New York (Nov 17)  United States silver scrap prices fell on the Scrap Register Price Index as on Thursday, while silver futures prices at New York Mercantile Exchange settled higher despite the recent trend of flattening yields faded but downside momentum was capped by dollar weakness on the back of soft economic data.

 The major silver scrap commodities on the Scrap Register Price Index showed a down trend on Thursday. The hallmarked silver scrap prices dropped to $14.028 an ounce and non-hallmarked silver scrap prices declined to $12.452 an ounce.

 The most active December silver contract on the COMEX division of the New York Mercantile Exchange gained by 10.1 cents to settle at $17.072 an ounce on Thursday.

 Traders, however, shifted attention to tax reform as the House is poised to pass a massive overhaul of the U.S. tax code on Thursday as Republicans attempt to push through tax reform before year-end.

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