US Scrap Gold prices advance; Gold Futures edge up

UNITED STATES December 10 2015 5:29 PM     

NEW YORK (Scrap Register): United  States gold scrap prices advanced on Wednesday, while gold futures prices at New  York Mercantile Exchange settled higher as the U.S. dollar retreated.

The  major gold scrap commodities on the Scrap Register Price Index traded up on  Wednesday. The 9ct hallmarked gold scrap prices rose to $393.214 an ounce and  14ct hallmarked gold scrap prices advanced to $613.413 an ounce. The 18ct  hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at  $786.428 ounce and $960.49 an ounce respectively.

According to  Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to  $371.932 an ounce and 14ct non-hallmarked gold scrap prices up to $580.213 an  ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked  gold scrap prices are also traded higher at $743.863 an ounce and $908.505 an  ounce respectively.

The most active February gold contract on the COMEX  division of the New York Mercantile Exchange slightly up by $1.20 an ounce to  $1,076.50 an ounce on Wednesday.

Gold futures prices at New York  Mercantile Exchange settled higher amid a sharply weaker dollar. The precious  metal still remains near six-year lows from last week, as commodity traders  brace for a likely rate hike from the Federal Open Market Committee at its  two-day meeting on December 15-16.

Gold has remained in a holding  pattern over the last three sessions in cautious trade, as investors await for  next week's key monetary policy decision from the FOMC.