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US Scrap Gold prices gain in line with Gold Futures

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NEW YORK (Scrap Register): United States scrap gold prices gained on the Scrap Register Price Index as on Thursday tracking the firmness in gold futures prices at New York Mercantile Exchange as the euro strengthened against the dollar in the wake of a European Central Bank meeting, boosting investment demand for the yellow metal.

The major gold scrap commodities on the Scrap Register Price Index gained on Thursday. The 9ct hallmarked gold scrap prices advanced by 0.422 to $488.698 an ounce and 14ct hallmarked gold scrap prices rose to $762.369 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded higher at $977.396 ounce and $1193.727 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $462.248 an ounce and 14ct non-hallmarked gold scrap prices rose to $721.107 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also climbed to $924.496 an ounce and $1129.118 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange advanced by $11.30 to end at $1,350.30 an ounce on Thursday. The settlement was highest since September 06, 2016, for a most-active contract.

Gold fell Wednesday after the White House and lawmakers reached a deal to extend the deadline on the federal government’s debt ceiling and as stocks recouped some of their losses from the previous session.

(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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