Weaker stocks lift US Gold Scrap, Gold Futures prices

UNITED STATES March 03 2016 7:04 PM

NEW YORK (Scrap Register): United States scrap gold prices increased on Wednesday, while gold futures prices at New York Mercantile Exchange marked its highest settlement in three weeks as U.S. stocks struggled to find direction despite better than expected figures on private sector jobs.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Wednesday. The 9ct hallmarked gold scrap prices rose to $450.759 an ounce and 14ct hallmarked gold scrap prices advanced to $703.184 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $901.518 ounce and $1101.054 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $426.362 an ounce and 14ct non-hallmarked gold scrap prices up to $665.125 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $852.724 an ounce and $1041.461 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange up by $11 to $1,241.80 an ounce on Wednesday. Yellow metal prices, which saw a loss of 0.3% a day earlier, logged their best settlement since February 11.

The metal left February with the sharpest monthly gain in four years (almost 10%) as concerns over global economic growth spurred demand for safe-haven assets and boosted fund buying.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)