US Scrap Gold prices climb; Gold Futures gain about 2.4% for the week

UNITED STATES March 20 2017 6:21 PM

NEW YORK (Scrap Register): United States scrap gold prices climbed on Friday, while gold futures prices at New York Mercantile Exchange ended higher as weakness in the U.S. dollar, following Wednesday’s Federal Reserve decision, provided a runway for gains.

The major gold scrap commodities on the Scrap Register Price Index gained on Friday. The 9ct hallmarked gold scrap prices up by 0.020 percent to $447.267 an ounce and 14ct hallmarked gold scrap prices advanced to $697.737 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $894.534 ounce and $1092.524 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $423.059 an ounce and 14ct non-hallmarked gold scrap prices gained to $659.972 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also rose to $846.118 an ounce and $1033.393 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange gained $3.10 an ounce to $1,230.20 an ounce on Friday, which marks it highest finish since early March. Gold gained about 2.4% for the week, which was the strongest such gain since the week ended February 03.

The Fed raised U.S. rates, as expected, but its earlier forecast of three rate increases this year remained unchanged, disappointing some investors who had hoped for hints of a possible fourth hike in 2017. Rate rises lead to higher bond yields, which increase the opportunity cost of holding non-yielding bullion and tend to boost the dollar, in which gold is priced.