NEW YORK (Scrap Register): United States scrap gold prices advanced sharply on Thursday; while gold futures prices at New York Mercantile Exchange jumped by more than $50 an ounce to settle at the highest level in about a year on Thursday as investors tried to escape the global market rout by investing in haven assets.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Thursday. The 9ct hallmarked gold scrap prices rose to $451.414 an ounce and 14ct hallmarked gold scrap prices advanced to $704.205 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $902.828 ounce and $1102.653 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $426.982 an ounce and 14ct non-hallmarked gold scrap prices up to $666.091 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $853.963 an ounce and $1042.974 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange up by $53.20 to $1,247.80 an ounce on Thursday after tapping a high of $1,263.90. Prices logged their highest settlement since Feb. 5, 2015. They also saw their largest one-day dollar and percentage gain since September 19, 2013.

Gold price rose more than 5 per cent in Wednesday’s session while risen nearly 18 per cent this year as global inflation expectations have eased sharply and big central banks push negative interest rate policies, its best start to the year since 1980. A growing universe of government bonds with negative yields has bolstered gold while a lower US dollar has makes it cheaper for buyers in other currencies to purchase gold.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)