UNITED STATES January 07 2016 8:01 PM
NEW YORK (Scrap Register): United States scrap gold prices advanced on Wednesday, while gold futures prices at New York Mercantile Exchange closed its best level in about two months as global tensions sparked a flight to haven assets.
The major gold scrap commodities on the Scrap Register Price Index traded higher on Wednesday. The 9ct hallmarked gold scrap prices rose to $396.997 an ounce and 14ct hallmarked gold scrap prices advanced to $619.315 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $793.994 ounce and $969.731 an ounce respectively.
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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $375.51 an ounce and 14ct non-hallmarked gold scrap prices up to $585.795 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $751.02 an ounce and $917.245 an ounce respectively.
The most active February gold contract on the COMEX division of the New York Mercantile Exchange advanced by $13.50 an ounce to $1,091.90 an ounce on Wednesday.
Support seen in gold as persistent concerns over the Chinese economy battered stock markets, while tensions simmered in the Korean peninsula and the Middle East.
Underpinning global worries was a claim Wednesday by North Korea that it successfully detonated a hydrogen bomb, in its first test of a more powerful form of nuclear weapon than previously in its arsenal. That development comes amid growing strife in the Middle East, between Iran and Saudi Arabia and fears of an economic slowdown in China—the world’s second largest economy and the largest importer of metals.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)