US Scrap Gold prices advance further; Gold Futures edge up

UNITED STATES October 14 2015 1:54 PM

NEW YORK (Scrap Register): United States gold scrap prices continued to advance on Tuesday in line with gold futures prices at New York Mercantile Exchange as continued delays to an expected Federal Reserve interest-rate increase, as well as concerns over the outlook for U.S. stock market in the midst of earnings season, helped prices score a third session gain in a row.

The major gold scrap commodities on the Scrap Register Price Index continued to advance on Tuesday. The 9ct hallmarked gold scrap prices rose to $423.842 an ounce and 14ct hallmarked gold scrap prices advanced to $661.193 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $847.683 ounce and $1035.304 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $400.902 an ounce and 14ct non-hallmarked gold scrap prices up to $625.407 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $801.803 an ounce and $979.269 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $1 an ounce to $1,165.50 an ounce on Tuesday.

Gold futures prices at New York Mercantile Exchange prices have jumped more than 5% this month, but a number Federal Reserve speakers insisted they want to raise interest rates by year's end, a move that will strengthen the dollar.