UNITED STATES September 11 2015 11:11 AM
NEW YORK (Scrap Register): United States scrap gold prices dropped on Thursday, while gold futures prices at New York Mercantile Exchange bounced back from 4-week low as investors continued to look for hints on the outcome of the Federal Reserve’s policy meeting next week.
The major gold scrap commodities on the Scrap Register Price Index traded down on Thursday. The 9ct hallmarked gold scrap prices down to $403.581 an ounce and 14ct hallmarked gold scrap prices declined to $629.586 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $807.161 ounce and $985.813 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $381.737 an ounce and 14ct non-hallmarked gold scrap prices down to $595.51 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $763.475 an ounce and $932.457 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $7.50 to $1,109.70 an ounce on Thursday. Gold futures settled down at $1,102 an ounce on Wednesday. That was the lowest settlement price since August 7.
Gold prices found additional support with the dollar weakening against a basket of some major currencies. While a September rate hike might be coin toss, it is widely anticipated that policy makers will tighten sometime before the year end.
The push higher for gold came amid volatility in US stocks, which turned higher, reversing downward momentum earlier in Thursday’s session.