US Scrap Gold prices gain; Gold Futures settle sharply higher

UNITED STATES May 09 2016 6:07 PM     

NEW YORK (Scrap Register): United  States scrap gold prices gained on Friday, while gold futures prices at New York  Mercantile Exchange settled sharply higher after a weaker-than-expected jobs  report heightened expectations that the Federal Reserve would keep interest  rates lower for longer.

The major gold scrap commodities on the  Scrap Register Price Index traded up on Friday. The 9ct hallmarked gold scrap  prices gained to $468.874 an ounce and 14ct hallmarked gold scrap prices  increased to $731.443 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also up at $937.748 ounce and $1145.302 an ounce  respectively.

According to Scrap Register Price Index, the 9ct  non-hallmarked gold scrap prices advanced to $443.497 an ounce and 14ct  non-hallmarked gold scrap prices up to $691.855 an ounce on Friday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $886.993 an ounce and $1083.314 an ounce respectively.  

The most active June gold contract on the COMEX division of the New York  Mercantile Exchange settled higher by $21.70 to $1,294 an ounce on Friday. The  turn higher helped the yellow metal log a modest weekly gain of 0.3%.