US Scrap Gold prices jump; Gold Futures hit one month high

UNITED STATES November 02 2016 6:12 PM

NEW YORK (Scrap Register): United States scrap gold prices jumped on Tuesday, while gold futures prices at New York Mercantile Exchange reached their highest finish in about a month, while the dollar dipped as uncertainty surrounding the outcome of the US presidential election buoyed investment demand for the yellow metal.

The major gold scrap commodities on the Scrap Register Price Index traded higher on Tuesday. The 9ct hallmarked gold scrap prices gained by 1.30 to $468.674 an ounce and 14ct hallmarked gold scrap prices advanced to $731.131 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also rose to $937.347 ounce and $1144.814 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices gained to $443.307 an ounce and 14ct non-hallmarked gold scrap prices rose to $691.559 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $886.615 an ounce and $1082.852 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange gained by $14.90 to $1,288 an ounce on Tuesday, its highest finish since October 03. The yellow metal booked a roughly 3% drop for October.

Gold traders also awaited the U.S. Federal Reserve’s monetary policy announcement due Wednesday at the conclusion of the central bank’s two-day meeting. The meeting isn't expected to produce an interest-rate hike, but could shed light on the chances for such a move by the end of the year, a potentially gold-negative development.