UNITED STATES March 26 2015 6:00 PM
NEW YORK (Scrap Register): United States scrap gold prices advanced on Thursday in line with future gold prices, as weak US data bolstered the argument the Federal Reserve would likely take its time before raising interest rates.
According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap advanced on Thursday followed by the yellow metal's up-trend in future market on Wednesday.
The prices of 9ct Gold Scrap hallmarked advanced to $434.899 an ounce and 14ct Gold Scrap non-hallmarked traded up at $678.443 an ounce.
The prices of 9ct Gold Scrap non-hallmarked rose to $411.361 an ounce and 14ct Gold Scrap non-hallmarked traded up at $641.723 an ounce.
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The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled up $5.70 at $1,197.00 an ounce on Wednesday.
A weak US durable goods orders report Wednesday morning allowed the gold market to tack on some additional gains from the overnight session.
Durable goods orders in February were down 1.4%, when a rise of 0.2% was expected. Gold also got a lift from bullish comments from Chicago Fed president Charles Evans, who said the Fed should wait until next year to begin to raise interest rates.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)