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US Scrap Gold prices rally in line Gold Futures

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NEW YORK (Scrap Register): United States scrap gold prices gained on Thursday, while gold futures prices at New York Mercantile Exchange marked its highest finish in two weeks, on the heels of the dollar’s decline, which came after the U.S. Federal Reserve raised interest rates, but struck a less hawkish tone than expected.

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The major gold scrap commodities on the Scrap Register Price Index gained on Thursday. The 9ct hallmarked gold scrap prices jumped by 2.548 percent to $447.176 an ounce and 14ct hallmarked gold scrap prices advanced to $697.595 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $894.352 ounce and $1092.302 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $422.973 an ounce and 14ct non-hallmarked gold scrap prices gained to $659.838 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also rose to $845.946 an ounce and $1033.183 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange rallied $26.40 an ounce to $1,227.10 an ounce on Thursday, with prices ending at their highest level since March 2.

The yellow metal scored its biggest one-day percentage gain since June of last year. That is when the U.K. announced its decision to exit from the European Union.

(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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