Spot gold prices in the United States markets branched to above $1,300 an ounce mark on Wednesday, while scrap gold prices showed a bearish trend.
Spot gold prices in the United States markets was last traded up $7.90 an ounce to reach $1,302.50 an ounce on Wednesday. Safe-haven demand and technically based buying are boosting the yellow metal, ahead of important fundamental events that will unfold in the coming days.
The prices for hallmarked and non-hallmarked gold scrap posted a decline on Scrap Register Price Index as on Wednesday. The prices of 9ct Gold Scrap hallmarked dropped to $468.783 an ounce and 14ct Gold Scrap hallmarked traded down at $731.301 an ounce on Wednesday.
The prices of 9ct Gold Scrap non-hallmarked declined to $443.411 an ounce and 14ct Gold Scrap non-hallmarked traded down at 691.72 an ounce.
Gold futures prices have moved above what was psychological resistance at the $1,300.00 level and hit another five-month high in early U.S. trading Wednesday. The most active gold February contract on the COMEX division of the New York Mercantile exchange was last up $8.10 at $1,302.10 an ounce.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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