US Scrap Gold prices up in line with Futures as Fed minutes pack few surprises


NEW YORK (Scrap Register): United States scrap gold prices edged up on Thursday in line with gold futures prices at New York Mercantile Exchange as the dollar retreated, a day after largely as-expected policy meeting minutes from the Federal Reserve did little to sway expectations for slow, data-driven rate increases by the central bank.

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The major gold scrap commodities on the Scrap Register Price Index traded slightly higher on Thursday. The 9ct hallmarked gold scrap prices slightly up by 0.36% to $458.707 an ounce and 14ct hallmarked gold scrap prices edged up to $715.583 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also up at $917.414 ounce and $1120.468 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices slightly advanced to $433.88 an ounce and 14ct non-hallmarked gold scrap prices up to $676.853 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly higher at $867.76 an ounce and $1059.824 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange advanced by $3.80 to $1,257.60 an ounce on Thursday, building on gains from late-Wednesday’s electronic-trading session, reacting to the Federal Open Market Committee minutes.

Gold is on track to end the week 0.5% higher after being confined to a narrow trading range in the wake of a plunge last week that was the largest in more than three years.

(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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