US Scrap Gold prices may trade up this week; Scrap Gold rises on Monday

Published: Mar 24, 2015 11:09

Save

United States scrap gold prices are expected to trade up this week in line with spot and future gold prices on the back of a weaker US dollar and lower US treasury yields.

UNITED STATES March 23 2015 6:36 PM

NEW YORK (Scrap Register): United States scrap gold prices are expected to trade up this week in line with spot and future gold prices on the back of a weaker US dollar and lower US treasury yields.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked advanced to $430.353 an ounce and 14ct Gold Scrap hallmarked traded up at $671.35 an ounce on Monday.

The prices of 9ct Gold Scrap non-hallmarked rose to $407.06 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded up at $635.014 an ounce.

For Live US Scrap Gold Prices Log on to Scrap Register

In futures market, gold rallied as a result of investors being caught off guard after the FOMC released a more dovish-than-expected monetary policy statement and lower economic growth projections.

Although the central banks removed the key word patient from the statement, Fed Chair Janet Yellen said during her press conference that the committee will not be impatient to raise rates.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled at $1,184.60 an ounce on Friday, 2.31% higher since Monday. Early last week, just before the Federal Open Market Committee (FOMC) meeting, a strong U.S. dollar dragged the yellow metal to a low of $1.141.60 an ounce.

As per Scrap Register Price Index, aluminium, brass, copper, electronic lead and zinc scrap prices remained almost flat on Monday.

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

US scrap gold prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

20 hours ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

20 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

20 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

20 hours ago