US Scrap Gold prices advance; Gold Futures edge up to $1,087.10 an ounce

UNITED STATES January 14 2016 6:30 PM     

NEW YORK (Scrap Register): United States scrap gold prices  advanced  on Wednesday, while gold futures prices at New York Mercantile  Exchange settled higher to recoup part of the roughly 2% loss they suffered over  the past three trading sessions.

The major gold scrap commodities on the  Scrap Register Price Index traded higher on Wednesday. The 9ct hallmarked gold  scrap prices rose to $395.815 an ounce and 14ct hallmarked gold scrap prices  advanced to $617.471 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also gained at $791.629 ounce and $966.843 an ounce  respectively.

According to  Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to  $374.392 an ounce and 14ct non-hallmarked gold scrap prices up to $584.051 an  ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked  gold scrap prices are also traded higher at $748.783 an ounce and $914.514 an  ounce respectively.

The most active February gold contract on the COMEX  division of the New York Mercantile Exchange edged up by $1.90 an ounce to  $1,087.10 an ounce on Wednesday. Prices fell 1% on Tuesday, which was their  third session decline in a row.

Gold futures prices at New York  Mercantile Exchange settled slightly up as the dollar fell, after US stocks  dropped and a Federal Reserve president raised concerns about inflation  expectations.

As US stocks sold off sharply and a brief rally in  beaten-down oil prices stalled after US data added to concerns about an over  supplied energy market. Also late in the session, Chicago Federal Reserve Bank  President Charles Evans said he was nervous about the potential effects of  China's slowdown on the U.S. economy and about the possibility that inflation  expectations may be slipping.