US Scrap Gold prices continue to rise in line with Gold Futures

UNITED STATES October 13 2015 12:11 PM
 NEW YORK (Scrap Register): United States gold scrap prices gained further on Monday in line with gold futures prices at New York Mercantile Exchange as the yellow metal extended its gains from the prior week amid bets for a further delay in U.S. interest-rate hikes.

The major gold scrap commodities on the Scrap Register Price Index advanced on Monday. The 9ct hallmarked gold scrap prices rose to $423.732 an ounce and 14ct hallmarked gold scrap prices advanced to $661.023 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $847.465 ounce and $1035.037 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $400.798 an ounce and 14ct non-hallmarked gold scrap prices up to $625.246 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $801.597 an ounce and $979.017 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $6.60 an ounce to $1,162.40 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange as doubts over whether the Federal Reserve will hike interest rates before the end of the year boosted the appeal of the precious metal.

The metal gained 1.6 percent in the previous session after minutes from the Fed's September policy meeting showed that the U.S. central bank was deeply cautious about tightening monetary policy.

Trading activity was thinner than usual with Japanese markets closed for a public holiday. U.S. markets will also be shut on Monday for a holiday. But investors will be keen on U.S. data on inflation, retail sales and industrial production due later in the week.