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

UNITED STATES October 16 2015 11:43 AM

NEW YORK (Scrap Register): United States gold scrap prices continued to rise on Thursday in line with gold futures prices at New York Mercantile Exchange as more investors wagered the Fed would refrain from raising interest rates this year.

The major gold scrap commodities on the Scrap Register Price Index continued to advance on Thursday. The 9ct hallmarked gold scrap prices rose further to $430.444 an ounce and 14ct hallmarked gold scrap prices advanced to $672.003 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained further at $861.542 ounce and $1052.23 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose further to $407.456 an ounce and 14ct non-hallmarked gold scrap prices up to $635.631 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $814.912 an ounce and $995.279 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $$7.70 an ounce to $1,187.50 an ounce on Thursday.

Gold futures prices at New York Mercantile Exchange held near a 3-1/2-month high on Thursday, following a four-day rally, as sluggish economic data from China and the United States stoked speculation the Federal Reserve will not raise rates this year.

Data on Wednesday showed U.S. retail sales barely rose in September and producer prices recorded their biggest decline in eight months.