US Scrap Gold prices continue to stay above $1,000 an ounce mark; Gold Futures hit more than 3 months high

UNITED STATES February 04 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 register their highest settlement level in more than 3  months as a drop in the U.S. ISM services index weighed on the dollar, lifting  the yellow metal’s investment appeal.

The major gold scrap commodities on  the Scrap Register Price Index traded higher on Wednesday. The 9ct hallmarked  gold scrap prices rose to $411.765 an ounce and 14ct hallmarked gold scrap  prices advanced to $642.353 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also gained at $823.53 ounce and $1005.805 an ounce  respectively.

According  to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced  to $389.479 an ounce and 14ct non-hallmarked gold scrap prices up to $607.587 an  ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked  gold scrap prices are also traded higher at $778.958 an ounce and $951.367 an  ounce respectively.

The most active April gold contract on the COMEX  division of the New York Mercantile Exchange up by $14.10 to $1,141.30 an ounce  on Wednesday. Prices, which finished modestly lower on Tuesday, settled at their  highest level since October 30.

Gold futures prices at New York  Mercantile Exchange jumped to their highest since late October having  outperformed most metals in 2016 on mixed economic data which kept investors on  edge, while falling stocks and oil prices generated demand for safe haven  assets.

Gold found support from increased concerns about the economic  outlook after the weaker-than-expected ISM data showed a slowdown in the  services sector in January this would suggest the Fed “will be more likely to  put interest rates on hold.”