US Gold Scrap prices advance 3 percent; Gold Futures mark best finish since Dec 12

UNITED STATES January 05 2017 6:39 PM

NEW YORK (Scrap Register): United States scrap gold prices advanced nearly 3 percent on Wednesday, while gold futures prices at New York Mercantile Exchange reached its highest level in more than three weeks as the U.S. dollar extended its decline from a 14-year high following minutes from the Federal Reserve’s December meeting.

The 9ct hallmarked gold scrap prices gained by 2.95 percent to $423.496 an ounce and 14ct hallmarked gold scrap prices climbed to $660.654 an ounce on Wednesday. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also advanced to $846.992 ounce and $1034.459 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices traded higher at $400.575 an ounce and 14ct non-hallmarked gold scrap prices gained to $624.897 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices advanced to $801.150 an ounce and $978.471 an ounce respectively. 

The most active February gold contract on the COMEX division of the New York Mercantile Exchange fell by $3.30 to $1,165.20 an ounce on Wednesday, the highest finish since December 12.

In November, following Trump’s election victory over Hillary Clinton, gold suffered its worst monthly drop, down 7.8%, since a more than 12% decline in June 2013. On the bright side, the metal registered a 8.6% return in 2016.