US Gold Scrap prices fall in line with Gold Futures
NEW YORK (Scrap Register): United States gold scrap prices fell on the Scrap Register Price Index as on Wednesday in line with gold futures prices at New York Mercantile Exchange mainly due the growing expectations for a December interest-rate hike by the U.S. Federal Reserve.
The major gold scrap commodities on the Scrap Register Price Index showed a down trend on the Scrap Register Price Index as on Wednesday. The 9ct hallmarked gold scrap prices dropped by 0.66 to $468.965 an ounce and 14ct hallmarked gold scrap prices declined to $731.585 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $937.929 ounce and $1145.524 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices declined to $443.583 an ounce and 14ct non-hallmarked gold scrap prices dropped to $691.989 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also lower at $887.165 an ounce and $1083.524 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange dropped by $4.90 to end at $1,288.90 an ounce on Wednesday.
Waiting for inflation to hit the central bank's 2% target before further interest rate hikes would be a mistake, said Kansas City Fed President Esther George on Wednesday.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)