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Weak Dollar boosts US Scrap Gold, Gold Futures prices
Apr 28, 2016 09:00CST
Source:SMM
United States scrap gold prices gained on Tuesday in line with gold futures prices at New York Mercantile Exchange.

UNITED STATES April 27 2016 6:35 PM

NEW YORK (Scrap Register): United States scrap gold prices gained on Tuesday in line with gold futures prices at New York Mercantile Exchange as the dollar slipped ahead of the Wednesday conclusion of the Federal Reserve's policy meeting.

The major gold scrap commodities on the Scrap Register Price Index traded up on Tuesday. The 9ct hallmarked gold scrap prices gained to $451.668 an ounce and 14ct hallmarked gold scrap prices increased to $704.603 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also up at $903.337 ounce and $1103.275 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $427.222 an ounce and 14ct non-hallmarked gold scrap prices up to $666.467 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $854.445 an ounce and $1043.562 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled higher by $3.20 to $1,243.40 an ounce on Tuesday.

The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting on Wednesday, but traders will be looking for its take on the global economy and its monetary policy outlook. 

Many in the market anticipate the pace of increases to be gradual amid concerns over global economic growth and divergent monetary policies between the U.S. and other nations.


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