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

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.

 

 

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.