[Au Price] US Gold Scrap prices advance in line with Gold Futures

UNITED STATES August 07 2015 6:17 PM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Thursday in line with gold futures prices at New York Mercantile Exchange.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Thursday. The 9ct hallmarked gold scrap prices rose to $396.397 an ounce and 14ct hallmarked gold scrap prices advanced to $618.379 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $792.793 ounce and $968.265 an ounce respectively.

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $374.942 an ounce and 14ct non-hallmarked gold scrap prices up to $584.91 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $749.884 an ounce and $915.859 an ounce respectively. 

The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $4.20 at $1,089.80 an ounce on Thursday.

Gold futures prices at New York Mercantile Exchange settled up supported by the dollar trending lower against a basket of some major currencies. A positive jobs data may cement the Fed's decision to tighten monetary policy. 

Investors are playing it cautious ahead of the monthly jobs report Friday, which could have a significant impact on the outlook for interest rates. 

A strong report would likely add to speculation that the Federal Reserve will raise rates in September, while a weak report could provide ammunition for more dovish central bankers to argue that the rate hike should be delayed.

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