US Scrap Gold prices drop in line with COMEX Gold

UNITED STATES October 09 2015 2:20 PM

NEW YORK (Scrap Register): United States gold scrap prices dropped on Thursday in line with gold futures prices at New York Mercantile Exchange.

The major gold scrap commodities on the Scrap Register Price Index traded down on Thursday. The 9ct hallmarked gold scrap prices down to $414.675 an ounce and 14ct hallmarked gold scrap prices declined to $646.893 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $829.35 ounce and $1012.913 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $392.231 an ounce and 14ct non-hallmarked gold scrap prices down to $611.881 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $784.462 an ounce and $958.09 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $4.10 to $1,144.60 an ounce on Thursday, then climbed above $1,150 an ounce in electronic trading after minutes from the Federal Reserve’s September policy-setting meeting showed that central-bank officials held off on an interest-rate hike because downside risks had climbed. 

The Fed thought the economy was close to warranting an interest rate hike in September but policymakers decided it was prudent to wait for evidence a global economic slowdown was not knocking America off course, minutes from the Sept. 16-17 meeting showed. In particular, concern about China was key in the Federal Reserve’s decision to keep interest rates near zero, minutes from the last meeting released Thursday show.