US Scrap Gold prices stay above $1,000 an ounce; Gold Futures closes best since July 14

Published: Aug 21, 2015 15:38

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United States gold scrap prices advanced on Thursday, in line with gold futures prices at New York Mercantile Exchange.

UNITED STATES August 21 2015 10:58 AM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Thursday, in line with gold futures prices at New York Mercantile Exchange as the dollar eased after minutes from the US Federal Reserve meeting suggested policymakers were in no hurry to raise interest rates.

The major gold scrap commodities on the Scrap Register Price Index advanced on Thursday. The 9ct hallmarked gold scrap prices rose to $413.929 an ounce and 14ct hallmarked gold scrap prices advanced to $645.73 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $827.859 ounce and $1011.091 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $391.526 an ounce and 14ct non-hallmarked gold scrap prices up to $610.78 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $783.052 an ounce and $956.367 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $25.30 at $1,153.20 an ounce on Thursday. This was the highest close since July 14, and the biggest daily percentage gain since April 27. Gold notched its best day in nearly four months Thursday on anticipation that the Federal Reserve will stand pat on interest rates and amid volatile currency moves.

In some disappointing economic news, a Labor Department report showed an unexpected uptick in initial jobless claims in the week ended August 15, after reporting modest increases in first-time claims for US unemployment benefits over the past few weeks. While Existing home sales in the US unexpectedly saw continued growth in July, with sales climbing to their highest level in well over eight years, a report from the NAR revealed Thursday.

While from physical side data from the Swiss customs bureau showed on Thursday, Switzerland’s gold shipments to India more than tripled in July from the previous month, though exports to China and Hong Kong fell.

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

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