UNITED STATES March 22 2017 8:38 PM

NEW YORK (Scrap Register): United States scrap gold prices gained on Tuesday, while gold futures prices at New York Mercantile Exchange settled at their highest level in nearly three weeks, with gains fueled by a drop in the US dollar as traders eyed the presidential race in France and the U.K. prepared its exit from the European Union.

The major gold scrap commodities on the Scrap Register Price Index gained on Tuesday. The 9ct hallmarked gold scrap prices up by 0.747percent to $451.632 an ounce and 14ct hallmarked gold scrap prices advanced to $704.546 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $903.264 ounce and $1103.186 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $427.188 an ounce and 14ct non-hallmarked gold scrap prices gained to $666.413 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also rose to $854.376 an ounce and $1043.478 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange advanced $12.50 an ounce to $1,246.50 an ounce on Tuesday, with prices up a fourth straight session to settle at the highest level since March 1.

Meanwhile, the recent gains for gold come after the Federal Reserve raised benchmark interest rates a quarter-point, but was seen as maintaining a more subdued pace for future rate increases.