UNITED STATES September 16 2015 10:44 AM
NEW YORK (Scrap Register): United States gold scrap prices advanced on Tuesday, while gold futures prices at New York Mercantile Exchange settled down as the dollar strengthened against other currencies ahead of Federal Reserve's decision on US interest rates.
The major gold scrap commodities on the Scrap Register Price Index advanced on Tuesday. The 9ct hallmarked gold scrap prices rose to $402.289 an ounce and 14ct hallmarked gold scrap prices advanced to $627.571 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $804.579 ounce and $982.659 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $380.516 an ounce and 14ct non-hallmarked gold scrap prices up to $593.605 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $761.032 an ounce and $929.474 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $4.70 at $1,103 an ounce on Tuesday.
Gold futures prices at New York Mercantile Exchange as investors weighed a slew of economic data ahead of the outcome of the Fed's two-day FOMC meet on Wednesday. The Fed will announce Thursday afternoon whether it will raise interest rates for the first time in about ten years.
Rates have been at effectively zero since the financial market meltdown of 2008. A rate hike is likely to drive gold prices lower, as the precious metal will lose much of its appeal as a hedge against inflation.