Fall in US Jobless Claims may push Scrap Gold prices up this week

Published: Apr 7, 2015 09:05

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United States scrap gold prices are expected to advance this week in line with spot and future gold market.

UNITED STATES April 06 2015 5:39 PM

NEW YORK (Scrap Register): United States scrap gold prices are expected to advance this week in line with spot and future gold market.

US employment data is expected to dominate the gold futures market this week as traders and investors shift opinions back and forth for when the Federal Reserve is expected to pull the trigger on eventual rate hikes.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked advanced to $435.954 an ounce and 14ct Gold Scrap hallmarked traded up at $680.089 an ounce on Monday.

The prices of 9ct Gold Scrap non-hallmarked rose to $412.359 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded up at $643.28 an ounce.

For Live US Scrap Gold Prices Log on to Scrap Register

According to analysts, the gold futures market is almost overly obsessed with economic data: rallying on bad news as it pushes back expectations to a rate hike later in the near and falling on positive economic news as bets are raised for a June rate hike.

Earlier last week, negative data sent gold futures prices to a high of $1,208.80 an ounce; however, Thursday the market ended the shortened trading week at $1,200.90 an ounce, after the US Labor Department said that weekly jobless claims fell to 268,000, a near 15-year low.

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

US scrap gold prices

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