UNITED STATES September 24 2015 11:02 AM
NEW YORK (Scrap Register): United States gold scrap prices advanced on Wednesday in line with gold futures prices at New York Mercantile Exchange, finding support after posting losses over the past two trading sessions.
The major gold scrap commodities on the Scrap Register Price Index traded higher on Wednesday. The 9ct hallmarked gold scrap prices advanced to $411.529 an ounce and 14ct hallmarked gold scrap prices rose to $641.985 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $823.057 ounce and $1005.227 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $389.255 an ounce and 14ct non-hallmarked gold scrap prices up to $607.238 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $778.51 an ounce and $950.82 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $6.70 or 0.6% to $1,131.50 an ounce on Wednesday.
The countdown to a potential government shutdown by October 1 has officially begun, with one bank saying the chances that an agreement can be reached in time are slim. In a research note published Wednesday, analysts at TD Securities said they see a 55% chance that the U.S. government will be forced to close its doors as a result of a funding gap, reminiscent of 2013, when the government shutdown for 16 days -- the third longest in U.S. history.