By Vibin Antony
United States scrap gold prices almost steady on Thursday, while COMEX gold prices advanced due to a retreat in US dollar from 12-year highs arrested an eight-session slide. But expectations that US interest rates will rise sooner rather than later kept prices under pressure.
According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap remained unchanged on Thursday. The prices of 9ct Gold Scrap hallmarked unchanged at $419.131 an ounce and 14ct Gold Scrap hallmarked traded almost flat at $653.844 an ounce on Thursday.
The prices of 9ct Gold Scrap non-hallmarked remained flat at $396.446 an ounce on Thursday and 14ct Gold Scrap non-hallmarked traded steady at $618.456 an ounce.
However, gold futures got no benefit from a weak US retail sales report for February, issued on Thursday. Retail sales were down 0.6% from January and up 1.7% year-on-year. A rise of 0.3% was expected. This is the last major U.S. economic report ahead of next week’s meeting of the Federal Reserve’s Open Market Committee (FOMC) to determine U.S. monetary policy actions.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange was last trade up by $2.80 to $1,153.40 an ounce on Thursday.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
United States scrap gold prices almost steady on Thursday, while COMEX gold prices advanced due to a retreat in US dollar from 12-year highs arrested an eight-session slide. But expectations that US interest rates will rise sooner rather than later kept prices under pressure.
According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap remained unchanged on Thursday. The prices of 9ct Gold Scrap hallmarked unchanged at $419.131 an ounce and 14ct Gold Scrap hallmarked traded almost flat at $653.844 an ounce on Thursday.
The prices of 9ct Gold Scrap non-hallmarked remained flat at $396.446 an ounce on Thursday and 14ct Gold Scrap non-hallmarked traded steady at $618.456 an ounce.
However, gold futures got no benefit from a weak US retail sales report for February, issued on Thursday. Retail sales were down 0.6% from January and up 1.7% year-on-year. A rise of 0.3% was expected. This is the last major U.S. economic report ahead of next week’s meeting of the Federal Reserve’s Open Market Committee (FOMC) to determine U.S. monetary policy actions.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange was last trade up by $2.80 to $1,153.40 an ounce on Thursday.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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