UNITED STATES April 21 2015 11:19 AM
NEW YORK (Scrap Register): United States scrap gold prices dropped on Monday in line with gold futures prices. Upbeat earnings as well as economic stimulus measures in China helped buoy confidence in the stock market, luring investors away from gold.
As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped to $437.719 an ounce and 14ct Gold Scrap hallmarked traded down at $682.841 an ounce on Monday.
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The prices of 9ct Gold Scrap non-hallmarked declined to $414.028 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded down at $645.883 an ounce.
The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $10.00 at $1,193.10 an ounce on Monday.
China’s central bank again moved to stimulate the Chinese economy over the weekend. That news helped to rally in the U.S. equites, which in turn pulled away investor funds from the safe-haven gold market.
The People’s Bank of China reduced by 1% the reserve requirement ratio required of its banks. The market place took note of the central bank’s move, but markets did not show significant price reactions to the news.
Still, the China easing of its monetary policy is a bullish underlying element for the raw commodity markets, including the precious metals, because it suggests increasing Chinese demand in the coming weeks and months.
(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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