US Scrap Gold prices advance; Gold Futures settle higher above $1,100 an ounce mark

UNITED STATES January 21 2016 7:00 PM

NEW YORK (Scrap Register): United States scrap gold prices advanced on Wednesday in line with gold futures prices at New York Mercantile Exchange as a plunge in oil prices fueled a drop in U.S. equities, lifting the metal's appeal as a haven investment.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Wednesday. The 9ct hallmarked gold scrap prices rose to $400.762 an ounce and 14ct hallmarked gold scrap prices advanced to $625.188 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $801.523 ounce and $978.927 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $379.071 an ounce and 14ct non-hallmarked gold scrap prices up to $591.351 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $758.142 an ounce and $925.944 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 $1,106.20 an ounce on Wednesday. That was the highest settlement for a most-active contract since January 07.

Gold futures prices at New York Mercantile Exchange settled higher as demand for gold was increased amid another huge stock market rout sparked by falling oil prices and fears over global growth. 

Global equity markets were on pace for one of the most dismal monthly performances on record, while the dollar fell to a more than one-year low against the Japanese yen, but flattened against six major currencies.