US Gold Scrap prices drop in line with COMEX Gold

UNITED STATES July 08 2015 5:23 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Tuesday in line with gold futures prices at New York Mercantile Exchange due to strong dollar.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Tuesday. The 9ct hallmarked gold scrap prices rose to $424.132 an ounce and 14ct hallmarked gold scrap prices declined to $661.647 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $848.265 ounce and $1036.014 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $401.177 an ounce and 14ct non-hallmarked gold scrap prices down to $625.836 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $802.354 an ounce and $979.941 an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $18.50 to $1,154.70 an ounce on Tuesday.

Gold futures prices at New York Mercantile Exchange dropped as the dollar strengthened against some major currencies, even as a crucial Eurogroup summit on Greece is underway, which could provide Athens with another opportunity to stay in the eurozone.

Greece on Sunday rejected the bailout plan demanded by its international creditors in a referendum, boosting the chances of the beleaguered country exiting the eurozone.

Greek voters over the weekend rejected harsh austerity measures that were once agreed to as part of their rescue plan. The Greek stock market and banks will remain closed until Thursday.  

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