US Scrap Gold prices rise; Gold Futures settles above $1100 an ounce for the first time in nine weeks

UNITED STATES January 08 2016 9:31 PM

NEW YORK (Scrap Register): United States scrap gold prices rose on Thursday, while gold futures prices at New York Mercantile Exchange rallied for a fifth session in a row, as global-market and geopolitical turmoil triggered more safe-haven buying.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Thursday. The 9ct hallmarked gold scrap prices rose to $402.435 an ounce and 14ct hallmarked gold scrap prices advanced to $627.798 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $804.87 ounce and $983.014 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $380.654 an ounce and 14ct non-hallmarked gold scrap prices up to $593.82 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $761.307 an ounce and $929.81 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange advanced by $15.90 an ounce to $1,107.80 an ounce on Thursday. Prices had already posted gains in each of the last four sessions and on Thursday, marked their highest settlement since Nov. 3.

Gold settled above $1,100 an ounce for the first time in nine weeks on Thursday as the dollar fell and investors channelled money into safer assets after worries about the Chinese economy hit global stocks.

China's stock markets were suspended less than half an hour after opening on Thursday after sharp falls triggered a new circuit-breaking mechanism for a second time since its introduction this week.