US Scrap Gold prices continue to rise; COMEX Gold settles higher for the second consecutive week

UNITED STATES May 18 2015 10:45 AM

NEW YORK (Scrap Register): Gold scrap prices in United States continued to rise on Friday in line with gold futures prices at New York Mercantile Exchange boosted by weaker-than-expected economic data, and a resulting falling U.S. Dollar.

The major gold scrap commodities on the Scrap Register Price Index continued to rise on Friday. The 9ct hallmarked gold scrap prices rose by another $3.74 a ton to $445.594 an ounce and 14ct hallmarked gold scrap prices advanced to $695.126 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also advanced by $3.74 a ton to $ 891.188 ounce and $1088.437 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also gained to $ 421.477 an ounce and 14ct non-hallmarked gold scrap prices up at $657.503 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded up to $842.953 an ounce and $1029.527 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange rose 10 cents to end the week at $1,225.30 an ounce on Friday.

On Friday, weaker-than-expected regional manufacturing data from the New York Federal Reserve is helping the market keep most of its earlier gains as it prepares to close in positive territory for the second consecutive week.

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