US Scrap Gold prices advance; Gold Futures mark fifth weekly gain in a row

UNITED STATES July 04 2016 6:43 PM     

NEW YORK (Scrap Register): United  States scrap gold prices advanced on Friday, while gold futures prices at New  York Mercantile Exchange marked its fifth weekly gain in a row, buoyed by a  weaker U.S. dollar and strong demand for assets considered less risky in the  wake of the U.K.'s vote last month to leave the European Union.

The major  gold scrap commodities on the Scrap Register Price Index traded higher on  Friday. The 9ct hallmarked gold scrap prices gained to $487.425 an ounce and  14ct hallmarked gold scrap prices advanced to $760.383 an ounce. The 18ct  hallmarked gold scrap and 22ct hallmarked gold scrap prices also higher at  $974.85 ounce and $1190.617 an ounce respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices jumped to $461.044 an ounce and 14ct  non-hallmarked gold scrap prices rose to $719.228 an ounce on Friday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $922.088 an ounce and $1126.176 an ounce respectively.  

The most active August gold contract on the COMEX division of the New  York Mercantile Exchange settled higher by $18.40 to $1,339 an ounce on Friday.  Gold futures prices were up 1.3% for the week and marked their highest  settlement since July 10, 2014.

Safe-haven demand for the metal spurred  most of the gains as investors rushed to protect them against the uncertainty in  the lead up to Britain's shock vote to exit the European Union, dubbed  'Brexit.'

Concerns over the trajectory of global growth, dovish comments  from the U.S. Federal Reserve Chair Janet Yellen and retail demand had supported  gold ahead of last week's Brexit vote.