US Scrap Gold prices gain; Gold Futures advance ahead of Trump-Xi meeting

UNITED STATES April 07 2017 7:10 PM

NEW YORK (Scrap Register): United States scrap gold prices gained on Thursday, while gold futures prices at New York Mercantile Exchange advanced buttressed by anxiety ahead of a meeting between President Donald Trump and his Chinese counterpart Xi Jinping, and concerns that tax reform efforts could prove to be more difficult than once thought.

The major gold scrap commodities on the Scrap Register Price Index gained on Tuesday. The 9ct hallmarked gold scrap prices advanced by 0.537% to $455.597 an ounce and 14ct hallmarked gold scrap prices rose to $710.731 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded higher at $911.194 ounce and $1112.871 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $430.938 an ounce and 14ct non-hallmarked gold scrap prices gained to $669.446 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also advanced to $861.877 an ounce and $1052.639 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange up $4.80 to end at $1,248.50 an ounce on Thursday ahead of Trump’s meeting with Xi, while the dollar strengthened and Treasury yields remained higher following the release of the latest tally of first-time jobless benefits claims. 

The employment report showed a sharp drop of 25,000 in the latest week. The report helped to boost largely upbeat expectations for Friday’s closely watched monthly employment report.