UNITED STATES May 29 2015 11:36 AM
NEW YORK (Scrap Register): United States gold scrap prices advanced on Thursday in line with gold futures prices at New York Mercantile Exchange, putting an end to a four-session streak of declines, but a recent rally in the US dollar kept prices at more than 1% lower week to date.
The major gold scrap commodities on the Scrap Register Price Index traded higher on Thursday. The 9ct hallmarked gold scrap prices advanced to $432.662 an ounce and 14ct hallmarked gold scrap prices rose to $674.953 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded higher at $865.325 ounce and $1056.85 an ounce respectively.
As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices gained to $409.245 an ounce and 14ct non-hallmarked gold scrap prices up to $638.422 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded up to $818.49 an ounce and $999.649 an ounce respectively.
The most active August gold contract on the COMEX division of the New York Mercantile Exchange was last trade up $2.50 an ounce at $1,189 an ounce on Thursday.
As has been the case for some time now, precious metals traders are keeping one eye on the U.S. dollar index, which traded on both sides of unchanged Thursday but was lower in afternoon action.
Recent U.S. economic data has led many market watchers to believe the Federal Reserve will raise interest rates this year. That’s been U.S. dollar-bullish and comes when other major central banks of the world remain in monetary policy easing modes.
San Francisco Fed President John Williams said on Thursday in Singapore the Fed will likely start to raise rates sometime this year. He added that the slow pace of U.S. economic growth in the first quarter of this year was an anomaly.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)