US Scrap Gold prices rally as Gold Futures rise by $22.30 an ounce

UNITED STATES May 18 2017 9:31 PM

NEW YORK (Scrap Register): United States scrap gold prices rallied on the Scrap Register Price Index as on Wednesday tracking the uptrend in gold futures prices at New York Mercantile, with fresh U.S. political worries lifting prices to their highest settlement of the month.

The major gold scrap commodities on the Scrap Register Price Index advanced on Wednesday. The 9ct hallmarked gold scrap prices gained by 1.81 percent to $457.379 an ounce and 14ct hallmarked gold scrap prices rose to $713.512 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded higher at $914.758 ounce and $1117.225 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $432.624 an ounce and 14ct non-hallmarked gold scrap prices gained to $674.894 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also advanced to $865.248 an ounce and $1056.757 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange rose by $22.30 to end at $1,258.70 an ounce on Wednesday. The settlement was the highest since April 28. 

Yellow metal prices also tallied a sixth straight session climb—their longest since early August—and scored the largest one-day dollar and percentage gain since March 16.

The latest concerns come after a New York Times report said President Donald Trump tried to influence an FBI probe into links between his inner circle and Russia.