UNITED STATES September 18 2015 10:35 AM
NEW YORK (Scrap Register): United States gold scrap prices declined on Thursday, while gold futures prices at New York Mercantile Exchange settled higher as some investor embraced the more dovish stance in the Federal Reserve's statement on interest rates.
The major gold scrap commodities on the Scrap Register Price Index declined on Thursday. The 9ct hallmarked gold scrap prices down to $406.491 an ounce and 14ct hallmarked gold scrap prices declined to $634.125 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $812.981 ounce and $992.921 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also traded down to $384.49 an ounce and 14ct non-hallmarked gold scrap prices down to $599.804 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $768.98 an ounce and $939.181 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled higher by $11.20 an ounce to $1,129.90 an ounce on Thursday.
Bullion got a boost after the Fed kept interest rates unchanged following a two-day policy meet, in a bow to worries about the global economy, financial market volatility and sluggish inflation at home.
Gold had been weighed down all year on fears the Fed would soon hike interest rates from record-lows for the first time in nearly a decade. Following the Fed's decision on Thursday, the dollar slumped to a three-week low supporting gold prices.
Bullion's relief rally, however, might not last long as the central bank's move to refrain from raising rates this week only adds to the uncertainty over the timing of an eventual rate hike.