US Scrap Gold prices gain; Gold Futures hit two week high

UNITED STATES December 22 2015 10:45 AM

NEW YORK (Scrap Register): United States scrap gold prices gained on Monday, while gold futures prices at New York Mercantile Exchange marked their highest settlement in about two weeks as some softness in the dollar and a lack of any significant economic data offered the metal a lift.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Monday. The 9ct hallmarked gold scrap prices rose to $392.395 an ounce and 14ct hallmarked gold scrap prices advanced to $612.137 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $784.791 ounce and $958.491 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $371.157 an ounce and 14ct non-hallmarked gold scrap prices up to $579.006 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $742.315 an ounce and $906.614 an ounce respectively. 

The most active February gold contract on the COMEX division of the New York Mercantile Exchange advanced by $15.60 an ounce to $1,080.60 an ounce on Monday. That marks gold’s highest settlement since December 4, when gold prices closed at $1,084.10 an ounce.

Gold futures prices at New York Mercantile Exchange advanced sharply amid heavy short covering ahead of the Federal Reserve's highly anticipated monetary policy decision when the U.S. central bank is widely expected to raise short-term interest rates for the first time in nearly a decade.

Since slipping below $1,050 an ounce earlier this month, gold has risen moderately by approximately 3%. More broadly, gold futures are down by roughly 8% since the start of 2015, down considerably from their yearly high of $1,303.50 in early-January.

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