UNITED STATES May 21 2015 10:45 AM

NEW YORK (Scrap Register): United States gold scrap prices dropped further on Wednesday, while gold futures prices at New York Mercantile Exchange settled higher.

Gold futures prices at New York Mercantile Exchange settled higher on Wednesday, then moved up in electronic trading to top $1,210 an ounce after minutes from the Federal Reserve Open Market Committee’s April meeting showed that only a few officials expect an interest-rate hike in June.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange traded up $4 an ounce at $1,210.70 an ounce on Wednesday.

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However, the major gold scrap commodities on the Scrap Register Price Index continued to decline on Wednesday. The 9ct hallmarked gold scrap prices dropped to $438.955 an ounce and 14ct hallmarked gold scrap prices down to $684.77 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down to $877.911 ounce and $1072.222 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $415.197 an ounce and 14ct non-hallmarked gold scrap prices up at $647.708 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $830.395 an ounce and $1014.189 an ounce respectively.

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