Current Scrap Metal Prices

Gold roofed under $1018 as the Federal Reserve Bank is widely expected to hold interest rates steady, markets will be watching for comments later on Wednesday that indicate the Fed might wind back its super-accommodative policy stance in view of improving economic data, which would boost the dollar and put some pressure in bullions. As long as the dollar remains weak, gold can maintain its momentum. But because speculative interest is so high and ETF holdings are at record highs as well, any negative factors that play through could more emphasized in terms of downward movement.

Base metals slipped on as concerns about inventory growth and declining imports by China outweighed a drop in the dollar and a rally in global equities. Investors are looking continuous weakening of U.S. dollar, and worried that scant demand outside China would stall a run-up that has more than doubled the metal’s price this year. Still, with no major economic data and pending key announcements from this week’s meeting of the Group of 20 nations, investors are likely to take their trading cues from the dollar.

Source: www.commodityonline.com