US Scrap Gold prices drop; Gold Futures settle higher in electronic trading

UNITED STATES February 02 2017 6:04 PM

NEW YORK (Scrap Register): United States scrap gold prices dropped on Wednesday, while gold futures prices at New York Mercantile Exchange settled higher in electronic trading, after ending the regular session with a loss, as the Federal Reserve stood pat on interest rates, as expected, and offered few clues on the central bank’s next move.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Wednesday. The 9ct hallmarked gold scrap prices dropped to $437.828 an ounce and 14ct hallmarked gold scrap prices edged lower to $683.011 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $875.655 ounce and $1069.467 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices fell to $414.131 an ounce and 14ct non-hallmarked gold scrap prices down to $646.044 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $828.262 an ounce and $1011.584 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange fell by $3.10 to $1,208.30 an ounce on Wednesday, while April gold climbed above $1,210 an ounce in electronic trading shortly after the Fed announcement.