UNITED STATES September 14 2015 3:40 PM

NEW YORK (Scrap Register): United States gold scrap prices dropped on Friday in line with gold futures prices at New York Mercantile Exchange as investors waited for a Federal Reserve policy meeting later this week for clarity on when the U.S. central bank will hike interest rates.

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The major gold scrap commodities on the Scrap Register Price Index traded down on Friday. The 9ct hallmarked gold scrap prices down to $400.58 an ounce and 14ct hallmarked gold scrap prices declined to $624.904 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $801.159 ounce and $978.483 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $378.899 an ounce and 14ct non-hallmarked gold scrap prices down to $591.082 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $757.798 an ounce and $925.524 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange last ended at $1,103.30 an ounce on Friday, down more than 1.7% by the end of what was a shortened trading week due to the Labor Day holiday in Canada and the U.S.

Traders are awaiting the Fed's next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise, before taking any big positions in gold. 

Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of any rate increase, which had been expected as early as this month.

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