Gold Futures advance significantly

New York (Nov 23)  United States gold scrap prices climbed on the Scrap Register Price Index as on Wednesday, while gold futures prices at New York Mercantile Exchange advance significantly, after minutes from the Federal Reserve’s November meeting hinted that the central bank may not be as aggressive in raising interest rates next year as expected.

The major gold scrap commodities prices including 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap, 22ct hallmarked gold scrap, 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap on the Scrap Register Price Index climbed on Wednesday.

The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices up by 0.28% to 468.128 an ounce, 730.28 an ounce, 936.256 an ounce and 1143.481 an ounce respectively.

The 9ct non-hallmarked gold scrap, 14ct non-hallmarked gold scrap, 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices gained to 442.791 an ounce, 690.754 an ounce, 885.582 an ounce and 1081.591 an ounce respectively.

Ahead of the Fed minutes, the most active December gold contract on the COMEX division of the New York Mercantile Exchange advanced shsrply by $10.50 to end at $1,292.20 an ounce on Wednesday.

The Federal Open Market Committee in early November viewed a near-term increase in interest rates as likely, but policy makers also expressed more alarm about persistently low inflation. That raises the question of whether the Fed will stick to three planned rate increases in 2018.

ScrapRegister