US Scrap Gold prices decline; COMEX Gold settles lower since December 3

UNITED STATES December 16 2015 6:35 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Tuesday, while gold futures prices at New York Mercantile Exchange settled lower, the day before a key interest-rate decision from the Federal Reserve that may help determine the outlook for the precious metal.

The major gold scrap commodities on the Scrap Register Price Index continued to trade down on Tuesday. The 9ct hallmarked gold scrap prices declined to $386.121 an ounce and 14ct hallmarked gold scrap prices dropped to $602.348 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down at $772.241 ounce and $943.164 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $365.222 an ounce and 14ct non-hallmarked gold scrap prices down to $569.747 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $730.445 an ounce and $892.116 an ounce respectively.

However, the most active February gold contract on the COMEX division of the New York Mercantile Exchange settled down by $1.80 an ounce to $1,061.60 an ounce on Tuesday, ending at its lowest level since December 3. It traded between a low of $1,057.40 and a high of $1,067.90 during the session.

Investors awaited the conclusion of a Federal Reserve policy meeting at which the U.S. central bank is expected to raise rates for the first time in nearly a decade. 

Eight years after a devastating recession opened an era of loose U.S. monetary policy, the Fed on Tuesday began a two-day meeting at which it is expected to turn in the other direction and raise rates in an increasingly normal economy.

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