UNITED STATES August 17 2015 10:37 AM
NEW YORK (Scrap Register): United States gold scrap prices advanced on Friday, while gold futures prices at New York Mercantile Exchange settled lower, losing some of its luster as the dollar rebounded later in the session. But the yellow metal still posted its largest weekly gain in nearly a month on the back of turmoil caused by China earlier in the week.
The major gold scrap commodities on the Scrap Register Price Index advanced on Friday. The 9ct hallmarked gold scrap prices rose to $406.763 an ounce and 14ct hallmarked gold scrap prices advanced to $634.551 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $813.527 ounce and $993.587 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $384.748 an ounce and 14ct non-hallmarked gold scrap prices up to $600.207 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $769.496 an ounce and $939.811 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange lost $2.90, or 0.3%, to settle at $1,112.70 an ounce, reversing earlier gains in the session. Still, the precious metal posted a weekly gain of 1.7%.
Gold, which had been mostly on the defensive since mid-June, rallied last week. Despite a slight dip Friday, Comex December gold settled Friday at $1,112.70 an ounce, a gain of $18.60 for the week.
“Gold and the other precious metal prices soared this week following the surprise ‘depreciation’ of the renminbi by the People’s Bank of China,” said Capital Economics. “The move prompted investors to seek safety in safe havens, with precious metals a key beneficiary.”