US Scrap Gold prices gain; Gold Futures edge up by $17.10 an ounce

UNITED STATES January 18 2016 6:48 PM

NEW YORK (Scrap Register): United States scrap gold prices gained on Friday in line with gold futures prices at New York Mercantile Exchange as the yellow metal drew haven bids amid a broad rout in global markets, including a plunge in U.S. stocks and as oil skidded below $30.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Friday. The 9ct hallmarked gold scrap prices rose to $397.852 an ounce and 14ct hallmarked gold scrap prices advanced to $620.648 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $795.703 ounce and $971.819 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $376.318 an ounce and 14ct non-hallmarked gold scrap prices up to $587.057 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $752.637 an ounce and $919.22 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange up by $17.10 an ounce to $1,090.70 an ounce on Friday, its highest close since Monday.

Gold futures prices at New York Mercantile Exchange settled higher as a weaker dollar and falling equity markets underpinned demand for assets perceived as safer. 

Bullion hit a two-month high of $1,112 last week as volatility in Chinese stocks raised concerns about the state of the global economy, leaving investors looking for a refuge in gold and other safe havens. U.S. retail sales and industrial production fell in December, the latest indication that economic growth braked sharply in the fourth quarter.