US Scrap Gold prices remain slightly up; Gold Futures settle down


NEW YORK (Scrap Register): United States scrap gold prices remained slightly up on Wednesday, while gold futures prices at New York Mercantile Exchange settled lower, pressured by modest gains in the dollar, but prices headed higher in electronic trade after the Federal Reserve released minutes from its September meeting.

The major gold scrap commodities on the Scrap Register Price Index traded slightly higher on Wednesday. The 9ct hallmarked gold scrap prices slightly up by 0.24% to $457.052 an ounce and 14ct hallmarked gold scrap prices edged up to $713.001 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also up at $914.104 ounce and $1116.425 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices slightly advanced to $432.315 an ounce and 14ct non-hallmarked gold scrap prices up to $674.411 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly higher at $864.629 an ounce and $1056 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange fell by 0.41% to $1,253.80 an ounce on Wednesday. It traded up at $1,257 an ounce in electronic trading about a half-hour after the FOMC minutes.

The minutes, which were released after gold futures settled for the session, showed that officials from the central bank held off raising interest rates in September even though they said there was a reasonable argument for an increase.

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

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