US Scrap Gold prices rise further; COMEX Gold hits highest since February 13

UNITED STATES May 15 2015 10:43 AM

NEW YORK (Scrap Register): United States scrap gold prices advanced further on Thursday in line with COMEX gold prices as lower producer-price data fueled hopes the Federal Reserve will put off raising US interest rates.

 

The major gold scrap commodities on the Scrap Register Price Index advanced further on Thursday. The 9ct hallmarked gold scrap prices rose by another 2% to $441.865 an ounce and 14ct hallmarked gold scrap prices advanced to $689.31 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also advanced by 2% to $883.731 ounce and $1079.33 an ounce respectively.

 

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also gained to $417.95 an ounce and 14ct non-hallmarked gold scrap prices up at $652.002 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded up to $835.9 an ounce and $1020.912 an ounce respectively. 

 

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $7 an ounce at $1,225.70 an ounce on Thursday. That was the highest close since Feb. 13, when prices ended at $1,227.10 an ounce.

 

In futures, gold was heading for its biggest weekly gain since January, mostly aided by an almost 2 percent rally on Wednesday after the dollar first tumbled to three-month lows after flat US retail sales releases.

 

The US dollar index hit a nearly four-month low in overnight trading but did rebound during US dealings to trade just above unchanged. Meantime, the Euro currency pushed to a three-month high against the green-back Thursday.

 

The greenback remained on the back foot after data showed that U.S. producer prices fell in April, while initial jobless claims unexpectedly fell last week. The Federal Reserve has said it would raise rates only when data points to a strengthening economy. Bullion could also find some support from the prospect of a disruption to supply in South Africa because of a labour dispute over pay.

 

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