US Scrap Gold prices decline on Monday; COMEX Gold hits 3-month high

UNITED STATES May 19 2015 12:04 PM
NEW YORK (Scrap Register): United States gold scrap prices dropped on Monday, while gold futures prices at New York Mercantile Exchange hit three-month high as doubts about Greece’s ability to pay its debts spurred investors to seek safety in the precious metal.

The major gold scrap commodities on the Scrap Register Price Index declined on Monday. The 9ct hallmarked gold scrap prices dropped slightly to $443.957 an ounce and 14ct hallmarked gold scrap prices down to $692.573 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also declined to $887.914 ounce and $1084.439 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also declined to $419.928 an ounce and 14ct non-hallmarked gold scrap prices up at $ 655.088 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $839.857 an ounce and $1025.745 an ounce respectively.

However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange rose $1.40 an ounce at $1,226.70 an ounce on Monday.

Gold also boosted by the heels of some disappointing economic data from the U.S. with home-builder confidence dropping more than expected in May, boosting expectations of a further delay in a Federal Reserve interest rate hike.

From the Physical side India's physical gold demand likely to remain subdued in near term as per Barclays while Holdings of SPDR Gold Trust, remained unchanged at 723.91 tons on Monday, from a previous close of 728.32 tons.