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US Gold Scrap prices up; Gold Futures hit a three-and a half month high

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NEW YORK (Scrap Register): United States gold scrap prices advanced on the Scrap Register Price Index as on Wednesday, tracking the uptrend in gold futures prices at New York Mercantile Exchange amid a sharp sell-off in world government bond markets.

The major gold scrap commodities prices including 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap, 22ct hallmarked gold scrap, 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap on the Scrap Register Price Index showed an uptrend on Wednesday.

The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices gained by 0.667% to 480.059 an ounce, 748.892 an ounce, 960.118 an ounce and 1172.624 an ounce respectively.

The 9ct non-hallmarked gold scrap, 14ct non-hallmarked gold scrap, 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices declined to 454.076 an ounce, 708.359 an ounce, 908.153 an ounce and 1109.157 an ounce respectively.

Gold hit a three-and a half month high on Wednesday as the dollar tumbled to a six-week low versus the Japanese yen and slid against the euro, lifting assets priced in the US currency and offsetting a rise in global yields.

The dollar fell as much as 1.2 percent against the yen after the Bank of Japan's move to trim its long-dated government bond purchases earlier this week, putting the US currency on track for its biggest two-day drop in nearly eight months. The BoJ move also lifted bond yields across the world, generally a negative factor for gold as it increases the opportunity cost of holding non-interest bearing bullion.

(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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