US Scrap Gold prices gain; Gold Futures continue to stay above $1,200 an ounce mark

UNITED STATES February 18 2016 5:25 PM 

NEW YORK (Scrap Register): United  States scrap gold prices gained on Wednesday in line with gold futures prices at  New York Mercantile Exchange ahead of the release of minutes of the Federal  Reserve’s January meeting.

The major gold scrap commodities on the Scrap  Register Price Index traded higher on Wednesday. The 9ct hallmarked gold scrap  prices rose to $440.138 an ounce and 14ct hallmarked gold scrap prices advanced  to $686.614 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold  scrap prices also gained at $880.275 ounce and $1075.109 an ounce  respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices advanced to $416.316 an ounce and 14ct  non-hallmarked gold scrap prices up to $649.452 an ounce on Wednesday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $832.631 an ounce and $1016.92 an ounce  respectively.

The most active April gold contract on the COMEX division  of the New York Mercantile Exchange up by $3.20 to $1,211.40 an ounce on  Wednesday, after closing modestly lower on Tuesday as some investors shifted out  of the perceived safety of assets like gold, which have benefited from a bout of  trepidation over slowing global economic growth, and bought riskier  stocks.

If the recent tightening of global financial conditions was  sustained, it could be a factor amplifying downside risks" to the economy,  according to the minutes of the U.S. central bank's Jan. 26-27 policy  meeting.