US Scrap Gold prices advance; Gold Futures continue to stay above $1,100 an ounce mark

UNITED STATES January 27 2016 4:45 PM     

NEW YORK (Scrap Register): United  States scrap gold prices advance gained on Tuesday; while gold futures prices at  New York Mercantile Exchange posted their best settlement since early November  as jitters surrounding the oil market and China helped make the metal more  attractive to investors.

The major gold scrap commodities on the Scrap  Register Price Index traded higher on Tuesday. The 9ct hallmarked gold scrap  prices rose to $405.072 an ounce and 14ct hallmarked gold scrap prices advanced  to $631.912 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold  scrap prices also gained at $810.144 ounce and $989.456 an ounce  respectively.

According to  Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to  $383.148 an ounce and 14ct non-hallmarked gold scrap prices up to $597.711 an  ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked  gold scrap prices are also traded higher at $766.296 an ounce and $935.903 an  ounce respectively.

The most active February gold contract on the COMEX  division of the New York Mercantile Exchange settled higher by $14.90 an ounce  to $1,120.20 an ounce on Tuesday, its highest settlement price since November  02.

The 2-day FOMC meeting is scheduled to begin later today, and the  policy statement is due only on Thursday. The central bank raised rates in  December for the first time in a decade despite low inflation and a strong  dollar, but market player say that policy makers will now take a wait and see  approach before further tightening.

Gold has gained nearly 6 percent so  far this month as markets worldwide have been roiled by concerns about China and  the future of the euro area.