US Scrap Gold prices rise sharply; Gold Futures bounce back to settle higher

UNITED STATES March 18 2016 8:32 AM     

NEW YORK (Scrap Register): United States scrap gold prices  rose sharply on Thursday, while gold futures prices at New York Mercantile  Exchange bounced back to settle higher as the U.S dollar continued its retreat a  day after the Federal Reserve scaled back expectations for its next  interest-rate increase.

The major gold scrap commodities on the Scrap  Register Price Index traded up on Thursday. The 9ct hallmarked gold scrap prices  gained to $460.689 an ounce and 14ct hallmarked gold scrap prices increased to  $718.675 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap  prices also up at $921.379 ounce and $1125.311 an ounce  respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices advanced to $435.755 an ounce and 14ct  non-hallmarked gold scrap prices up to $679.778 an ounce on Thursday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $871.51  an ounce and $1064.405 an ounce  respectively.

The most active April gold contract on the COMEX division  of the New York Mercantile Exchange settled higher by $35.20 to $1,265 an ounce  on Thursday.

The U.S. central bank signaled two more rate increases this  year instead of the four hinted at back in December, as the policy makers  “continue to see risks” to the economy. The dovish outlook sent the dollar  sharply lower and spurred a rally in dollar-denominated commodities such as  gold.