US Gold Scrap prices rise in line with Gold Futures

UNITED STATES July 13 2015 5:19 PM

NEW YORK (Scrap Register): United States gold scrap prices rose on Friday in line with gold futures prices at New York Mercantile Exchange due to a rally in US equities and comments from Federal Chairwoman Janet Yellen.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Friday. The 9ct hallmarked gold scrap prices rose to $423.496 an ounce and 14ct hallmarked gold scrap prices advanced to $660.654 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $846.992 ounce and $1034.459 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $400.575 an ounce and 14ct non-hallmarked gold scrap prices up to $624.897 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $801.15 an ounce and $978.471 an ounce respectively.

Gold futures prices at New York Mercantile Exchange pared gains after US Federal Reserve Chair Janet Yellen said she expected the central bank to raise interest rates sometime this year but pointed to concerns that US labor markets remain weak.

In a speech that cautioned about the status of workers as well as some international risks, Yellen gave no direct hint about whether she anticipated more than one rate hike over the Fed's four remaining meetings in 2015.  

Also benefiting gold earlier, the International Monetary Fund trimmed its forecast for global economic growth this year to 3.3 percent from 3.5 percent, citing recent weakness in the United States.