US Scrap Gold prices continue to decline; Gold Futures settle up

UNITED STATES October 27 2015 2:20 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Monday; while gold futures prices at New York Mercantile Exchange settled higher, with the metal finding support from a retreat in the US dollar ahead of a closely followed Federal Reserve policy meeting later this week.

The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices down to $424.278 an ounce and 14ct hallmarked gold scrap prices declined to $661.874 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $848.556 ounce and $1036.37 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $401.314 an ounce and 14ct non-hallmarked gold scrap prices down to $626.051 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $802.629 an ounce and $980.278 an ounce respectively. 

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The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $1.50 an ounce to $1,164.30 an ounce.

Gold futures prices at New York Mercantile Exchange advanced on Monday as investors await the start of the FOMC's two-day October meeting beginning on Tuesday. 

Investors were hesitant to make any major moves in Monday's session ahead of the FOMC's monetary policy meeting later this week. 

While the FOMC has hinted that it will likely hold short-term interest rates at its current near-zero level at the meeting, Federal Reserve chair Janet Yellen has still not ruled out a possible rate hike. The FOMC has left its benchmark Federal Funds Rate at its current level between zero and 0.25% for 55 consecutive meetings.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)