US Scrap Gold prices continue to advance on Wednesday; COMEX Gold slips

UNITED STATES April 30 2015 10:37 AM

NEW YORK (Scrap Register): United States scrap gold prices continued to advance on Wednesday, while futures prices at New York Mercantile Exchange settled lower.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked advanced further to $439.774 an ounce and 14ct Gold Scrap hallmarked traded up at $686.047 an ounce on Wednesday.

The prices of 9ct Gold Scrap non-hallmarked gained further to $415.972 an ounce on Wednesday and 14ct Gold Scrap non-hallmarked traded up at $648.916 an ounce.

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However, COMEX gold settled lower on Wednesday after hitting a three-week high in the previous session, then dropped toward $1,200 an ounce in electronic trading after the Federal Reserve failed to rule out an interest-rate hike in June.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $8.00 at $1,206 an ounce on Wednesday.

The U.S. Federal Reserve’s Open Market Committee (FOMC) meeting statement said the U.S. economy weakened in the first quarter, but said the weakness is likely transitory and implied that the economy will pick up speed in the second quarter.

The market place read that as just a bit hawkish on U.S. monetary policy. Still, at this point very few expect the Fed to make an interest rate hike in June. No press conference from Fed Chair Janet Yellen was scheduled for this meeting.

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