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US Scrap Gold, Gold Futures prices fall for the third consecutive day

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NEW YORK (Scrap Register): United States scrap gold prices fell for the third consecutive day on the Scrap Register Price Index as on Tuesday in line with gold futures prices at New York Mercantile Exchange as U.S. equities nudged further into record territory as the Federal Reserve began a two-day policy meeting.

The major gold scrap commodities on the Scrap Register Price Index declined on Tuesday. The 9ct hallmarked gold scrap prices fell by 0.190 to $476.367 an ounce and 14ct hallmarked gold scrap prices declined to $743.133 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $952.734 ounce and $1163.606 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dipped to $450.584 an ounce and 14ct non-hallmarked gold scrap prices fell to $702.911 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $901.168 an ounce and $1100.627 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange dropped slightly by 20 cents to end at $1,310.60 an ounce on Tuesday.

The main market focus is the two-day Federal Open Market Committee meeting that will conclude Wednesday with a statement on monetary policy.

The Fed is seen as virtually certain to leave rates unchanged but is expected to begin the process of slowly unwinding the $4.5 trillion balance sheet accumulated via the bond-buying program that ended in 2014.

(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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