US Scrap Gold prices rise further; Gold Futures settle down

UNITED STATES October 26 2015 10:48 AM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Friday, while gold futures prices at New York Mercantile Exchange dropped to the lowest settlement level in two weeks, as a stronger US dollar pushed prices to their largest weekly loss since August.

The major gold scrap commodities on the Scrap Register Price Index traded up on Friday. The 9ct hallmarked gold scrap prices rose to $426.151 an ounce and 14ct hallmarked gold scrap prices advanced to $664.796 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $852.303 ounce and $1040.946 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $403.086 an ounce and 14ct non-hallmarked gold scrap prices up to $628.815 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $806.173 an ounce and $984.606 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $3.30 to $1,162.80 an ounce on Friday.

Gold futures prices at New York Mercantile Exchange as the dollar soared to its highest level in more than two months and U.S. equities raced higher after China eased monetary policy for the sixth time in a year, reviving expectations of a U.S. rate hike.

Investors initially bet the Federal Reserve would be compelled to delay raising rates given the fragility of the global economy, but buying soon evaporated on the view that the Chinese stimulus and upbeat U.S. data made a U.S. rate hike more likely this year.