US Scrap Gold prices rise in line with Gold Futures

UNITED STATES October 08 2015 11:30 AM

NEW YORK (Scrap Register): United States gold scrap prices rose on Wednesday in line with gold futures prices at New York Mercantile Exchange, with investors continuing to bet that the U.S. Federal Reserve will delay raising interest rates as other central banks stocked up on the precious metal.

The major gold scrap commodities on the Scrap Register Price Index gained on Wednesday. The 9ct hallmarked gold scrap prices rose to $417.549 an ounce and 14ct hallmarked gold scrap prices advanced to $651.376 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $835.097 ounce and $1019.932 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $394.949 an ounce and 14ct non-hallmarked gold scrap prices up to $616.121 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $789.899 an ounce and $964.73 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $2.40 an ounce to $1,148.90 an ounce on Wednesday, advanced for the fourth day in a raw.

Support also seen earlier after the IMF cut its global growth forecasts for a fourth successive year – it now sees worldwide expansion of 3.1 percent this year, the weakest since 2009, with Chinese growth slowing to 6.8 percent this year and 6.3 percent in 2016. 

Investors await the release of the minutes from the Fed's September meeting on Thursday for further hints on whether the U.S. central bank could raise short-term interest rates before the end of the year.

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