US Scrap Gold price declines in line with COMEX Gold

UNITED STATES May 05 2016 6:26 PM

NEW YORK (Scrap Register): United States scrap gold prices fell on Wednesday in line with gold futures prices at New York Mercantile Exchange as the U.S. dollar remained firm while investors continued to focus on hawkish comments from Federal Reserve officials. 

The major gold scrap commodities on the Scrap Register Price Index traded down on Wednesday. The 9ct hallmarked gold scrap prices fell to $466.691 an ounce and 14ct hallmarked gold scrap prices decreased to $728.038 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $933.382 ounce and $1139.971 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $426.259 an ounce and 14ct non-hallmarked gold scrap prices down to $688.634 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $882.864 an ounce and $1078.272 an ounce respectively. 

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled lower by $17.40 to $1,274.40 an ounce on Wednesday even as relatively riskier global stock markets pushed lower. Stocks and gold tend to move inversely, but not always.

However, dollar steadied after recent sharp losses and a pair of Fed officials indicated yesterday that the central bank is debating a June rate hike despite some lackluster economic news, denting gold prices.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)