US Scrap Gold prices advance in line with Gold futures

UNITED STATES August 18 2015 3:43 PM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Monday, in line with gold futures prices at New York Mercantile Exchange buoyed by weaker-than-expected U.S. data and lingering uncertainty over the implications of China's yuan devaluation.

The major gold scrap commodities on the Scrap Register Price Index advanced on Monday. The 9ct hallmarked gold scrap prices rose to $406.963 an ounce and 14ct hallmarked gold scrap prices advanced to $634.863 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $813.927 ounce and $994.076 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $384.937 an ounce and 14ct non-hallmarked gold scrap prices up to $600.502 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $769.874 an ounce and $940.273 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $5.50 at $1,118.20 an ounce on Monday.

Gold rallied to its highest since mid-July last week after Beijing's mini-devaluation of the yuan, as analysts speculated that a weakening Chinese currency could prompt the Federal Reserve to postpone an expected rise in US interest rates.

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