US Scrap Gold prices up; Gold Futures hit one week high

UNITED STATES April 28 2016 10:05 PM     

NEW YORK (Scrap Register): United States scrap gold prices  advanced on Wednesday while gold futures prices at New York Mercantile Exchange  finished their highest level in a week, then slipped under $1,250 an ounce in  electronic trading after the U.S. Federal Reserve failed to offer any real hints  of a potential change to interest rates at the next meeting in June.

The  policy-setting Federal Open Market Committee wrapped up its two-day meeting at 2  p.m. Eastern time on Wednesday, after gold prices settled on Comex.

The major gold scrap commodities on the  Scrap Register Price Index traded up on Wednesday. The 9ct hallmarked gold scrap  prices gained to $452.778 an ounce and 14ct hallmarked gold scrap prices  increased to $706.333 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also up at $905.556 ounce and $1105.985 an ounce  respectively.

According to Scrap Register Price Index, the 9ct  non-hallmarked gold scrap prices advanced to $428.272 an ounce and 14ct  non-hallmarked gold scrap prices up to $668.104 an ounce on Wednesday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $856.544 an ounce and $1046.125 an ounce  respectively.

The most active June gold contract on the COMEX division of  the New York Mercantile Exchange settled higher by $7 to $1,250.40 an ounce on  Wednesday, its highest finish since April 20. In electronic trading after the  central bank’s announcement, prices lost ground to trade at $1,247 an  ounce.