Increasing tensions between Turkey and Russia boosts Gold Scrap, Gold Futures prices

RUSSIA November 25 2015 2:41 PM    

NEW YORK (Scrap Register): United  States gold scrap prices edged up on Tuesday, while gold futures prices at New  York Mercantile Exchange settled higher, rebounding from a nearly six-year low  as Turkey’s downing of a Russian jet fighter lifted safe-haven interest in the  metal.

The major gold scrap commodities on the Scrap Register Price Index  advanced on Tuesday. The 9ct hallmarked gold scrap prices rose to $391.54 an  ounce and 14ct hallmarked gold scrap prices advanced to $610.803 an ounce. The  18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at  $783.081 ounce and $956.403 an ounce respectively.

According to  Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to  $370.349 an ounce and 14ct non-hallmarked gold scrap prices up to $577.744 an  ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold  scrap prices are also traded higher at $740.698 an ounce and $904.639 an ounce  respectively.

The most active December gold contract on the COMEX  division of the New York Mercantile Exchange ended up by $7 to $1,073.50 an  ounce on Monday.

There was risk aversion in the marketplace Tuesday as  reports said a Russian warplane was shot down by Turkey’s military. The Russian  jet was near the Syrian border when Turkish fighter jets shot it down. Turkish  officials said the Russian jet was over its territory and ignored warnings to  turn back. Some NATO members concurred that the Russian plane was in Turkey’s  airspace.

However, Russia said its plane was not in Turkey when it was  shot down. NATO officials are meeting later Tuesday in Brussels to discuss the  matter. Russian president Vladimir Putin lashed out said his country was  “stabbed in the back” by Turkey would retaliate to the downing of its  jet.