US Scrap Gold prices may remain under pressure this week

UNITED STATES March 17 2015 11:29 AM

 

NEW YORK (Scrap Register): United States scrap gold prices are expected to trade down this week in line with spot and future gold prices as the futures market reported a weekly drop.

 

However, the most active April gold contract on the COMEX division of the New York Mercantile Exchange was last trade up by $2 to $1,152.40 an ounce on Friday. But gold ended the week in negative territory, settling the session at $1,152.40 an ounce, down 1.47% from Monday. 

 

This week all eyes will be on the Federal Reserve and analysts are expecting gold to suffer on the back of a stronger US dollar as the central bank prepares for an eventual rate hike.

 

The prices for hallmarked scrap gold and non-hallmarked scrap gold declined on Scrap Register Price Index on Monday. 

 

 

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $419.04 an ounce and 14ct Gold Scrap hallmarked traded down at $653.702 an ounce on Monday. 

 

The prices of 9ct Gold Scrap non-hallmarked dropped to $396.36 an ounce and 14ct Gold Scrap non-hallmarked traded down at $618.322 an ounce.

 

As per Scrap Register Price Index, aluminium, brass, copper, electronic lead and zinc scrap prices remained flat on Monday.