US Scrap Gold prices decline; Gold Futures hit three week low

UNITED STATES October 30 2015 4:35 PM

NEW YORK (Scrap Register): United States gold scrap prices dropped on Thursday, while gold futures prices at New York Mercantile Exchange settled lower at there  lowest levels in three weeks, a day after the Federal Open Market Committee left the door open to hiking interest rates at its December meeting.

The major gold scrap commodities on the Scrap Register Price Index traded down on Thursday. The 9ct hallmarked gold scrap prices down to $417.803 an ounce and 14ct hallmarked gold scrap prices declined to $651.773 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $835.606 ounce and $1020.554 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $395.19 an ounce and 14ct non-hallmarked gold scrap prices down to $616.497 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $790.38 an ounce and $965.318 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $28.80 to $1,147.30 an ounce on Thursday. That was the lowest settlement since October 08.

Gold futures prices at New York Mercantile Exchange settled down as the market reacted to a Federal Reserve statement the day before that increased the possibility of a rate hike before the end of the year, making the precious metal a less attractive investment compared to interest-bearing securities. The Fed kept interest rates near zero after its October meeting but said it may raise rates in December.

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