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Gold Futures settles best since August 21; US Scrap Gold prices up

iconOct 13, 2015 11:22
Source:SMM
United States gold scrap prices advanced on Friday in line with gold futures prices at New York Mercantile Exchange.

UNITED STATES October 12 2015 3:34 PM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Friday in line with gold futures prices at New York Mercantile Exchange as expectations for a further delay in U.S. interest-rate hikes weakened the US dollar, lifting the metal’s investment appeal.

The major gold scrap commodities on the Scrap Register Price Index gained on Friday. The 9ct hallmarked gold scrap prices rose to $418.876 an ounce and 14ct hallmarked gold scrap prices advanced to $653.447 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $837.753 ounce and $1023.175 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $396.205 an ounce and 14ct non-hallmarked gold scrap prices up to $618.08 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $792.41 an ounce and $967.797 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $11.60 an ounce to $1,155.90 an ounce on Friday, its highest settlement since August 21. For the week, gold futures prices logged a gain of 1.7%.

Prices were supported by Fed minutes released on Thursday, suggesting the central bank was deeply cautious about tightening monetary policy even before last week's soft jobs data showed a sharp slowdown in U.S. hiring. But the market remained somewhat cautious, taking note that the minutes also revealed most Fed policymakers thought the central bank's first rate increase in nearly a decade should still come in 2015.

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