US Scrap Gold prices continue to drop; Gold Futures edge up

UNITED STATES November 19 2015 4:05 PM     

NEW YORK (Scrap Register): United  States gold scrap prices declined further on Wednesday; while gold futures  prices at New York Mercantile Exchange settled slightly up, but were switching  between gains and losses in electronic trading after minutes from the Federal  Reserve’s October meeting.

The major gold scrap commodities on the Scrap  Register Price Index continued to trade down on Wednesday. The 9ct hallmarked  gold scrap prices declined to $388.394 an ounce and 14ct hallmarked gold scrap  prices dropped to $605.895 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also traded down at $776.788 ounce and $948.717 an  ounce respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices also dropped to $367.373 an ounce and 14ct  non-hallmarked gold scrap prices down to $573.101 an ounce on Tuesday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $734.745 an ounce and $897.369 an ounce  respectively.

However, the most active December gold contract on the  COMEX division of the New York Mercantile Exchange settled slightly up by $1.10  an ounce to $1,070.10 an ounce on Wednesday.

Gold seen supported as  investors looked ahead to minutes from Fed’s latest policy meeting for further  clues on the likelihood of a December rate hike.

A solid core of Fed  officials rallied behind a possible December rate hike at the central bank's  last policy meeting, but central bankers also debated evidence the U.S.  economy's long-term potential may have permanently shifted lower.