Fed decision boosts US Gold Scrap, Gold Futures prices

UNITED STATES September 17 2015 11:27 AM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Wednesday in line with gold futures prices at New York Mercantile Exchange as a weaker dollar and declining inflation bolstered hopes the Federal Reserve would stand pat on interest rates.

The major gold scrap commodities on the Scrap Register Price Index advanced on Wednesday. The 9ct hallmarked gold scrap prices rose to $406.527 an ounce and 14ct hallmarked gold scrap prices advanced to $634.182 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $813.054 ounce and $993.01 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $384.524 an ounce and 14ct non-hallmarked gold scrap prices up to $ 599.858 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $769.048 an ounce and $939.265 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $16.80 at $1,119.50 an ounce on Wednesday.

Gold prices have been under pressure in recent weeks as some investors wagered the Fed would soon raise interest rates for the first time in nearly a decade. 

The policy shift, widely expected to occur before the end of 2015, is expected to dull the allure of gold, which doesn’t pay interest and costs money to hold.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)