US Scrap Gold prices gain further; Gold Futures closes near $1,300 an ounce

UNITED STATES June 17 2016 6:25 PM

NEW YORK (Scrap Register): United States scrap gold prices gained further on Thursday, while gold futures prices at New York Mercantile Exchange rose for a seventh straight session, but settled back below the closely watched $1,300 mark, finding support as the Federal Reserve stirred already percolating global growth concerns and developments surrounding the U.K. referendum fueled further economic uncertainty. 

The major gold scrap commodities on the Scrap Register Price Index traded up on Thursday. The 9ct hallmarked gold scrap prices gained to $476.785 an ounce and 14ct hallmarked gold scrap prices increased to $743.785 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also up at $953.571 ounce and $1164.628 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $450.98 an ounce and 14ct non-hallmarked gold scrap prices up to $703.529 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $901.96 an ounce and $1101.594 an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange settled higher by $10.10 to $1,298.40 an ounce on Thursday, trading well below the intraday high of $1,318.90. 

Futures prices settled at their highest level since Jan. 22, 2015, though the sharper rally early Thursday could have lifted prices to their high since mid-August of 2014. Prices wavered between losses and gain in electronic trading after Thursday’s settlement.

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