NEW YORK (Scrap Register): United States scrap gold prices fell on the Scrap Register Price Index as on Wednesday, while gold futures prices at New York Mercantile Exchange settle at their lowest level in a week, but headed higher in electronic trading as the U.S. dollar weakened in the wake of the Federal Reserve’s policy statement.

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The major gold scrap commodities on the Scrap Register Price Index dropped on Wednesday. The 9ct hallmarked gold scrap prices dropped by 0.091 to $453.996 an ounce and 14ct hallmarked gold scrap prices down to $708.234 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $907.993 ounce and $1108.962 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices down to $429.424 an ounce and 14ct non-hallmarked gold scrap prices gained to $669.902 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $858.849 an ounce and $1048.941 an ounce respectively.

Ahead of the Fed news, the most active August gold contract on the COMEX division of the New York Mercantile Exchange dropped by $2.70 to end at $1,249.40 an ounce on Wednesday, the lowest finish since July 20.

In electronic trading shortly after the Fed statement, prices inched up to $1,254.80 an ounce.

After the US Fed’s policy announcement, prices recovered from the losses and prices move up as the US dollar weakened a bit against most currency rivals following the Fed's decision to stand pat on interest rates. The central bank also said it will start reducing its $4.5 trillion balance sheet "relatively soon."

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