NEW YORK (Scrap Register): United States gold scrap prices bounced back to above $1,000 a ton mark on Friday in line with gold futures prices at New York Mercantile Exchange as prices rallied on the back of the Federal Reserve’s decision to keep interest rates at historically low levels.
The major gold scrap commodities on the Scrap Register Price Index traded higher on Friday. The 9ct hallmarked gold scrap prices advanced to $415.221 an ounce and 14ct hallmarked gold scrap prices rose to $647.744 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $830.441 ounce and $1014.246 an ounce respectively. The 22ct hallmarked gold scrap prices got as high as $1014.246 an ounce level, its most muscular level since September 01 this year.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $392.747 an ounce and 14ct non-hallmarked gold scrap prices up to $612.686 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $785.495 an ounce and $959.351 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $20.80 at $1,137.80 an ounce on Friday, that was the highest settlement since September 01.
Gold futures prices at New York Mercantile Exchange reached a two-week high after Fed Chair Janet Yellen cited concern over slowing growth in China and turbulence in global markets for keeping interest rates unchanged. That’s good news for gold bulls, suffering from prices near a five-year low.