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US Scrap Gold prices gain; Gold Futures score back to back gains

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NEW YORK (Scrap Register): United States scrap gold prices gained on Thursday in line with gold futures prices at New York Mercantile Exchange scored back-to-back gains, sending prices to their highest finish in more than three months.

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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 gained slightly by 1.319% to $451.250 an ounce and 14ct hallmarked gold scrap prices edged higher to $703.950 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also higher at $902.500 ounce and $1102.253 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $426.827 an ounce and 14ct non-hallmarked gold scrap prices up to $665.850 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly higher at $853.653 an ounce and $1042.595 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange rose by $8.50 to $1,241.60 an ounce on Thursday after tacking on 0.6% on Wednesday. The settlement was the highest since November 10.

The yellow metal’s gain on Wednesday snapped what had been a four-session fall stoked by expectations that the dollar would rise on heightened expectations for U.S. interest-rate hikes, following two days of testimony this week on Capitol Hill from Federal Reserve Chairwoman Janet Yellen.

(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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