US Scrap Gold prices drop further on Wednesday in line with COMEX Gold

Apr 23, 2015 17:15

Source:SMM

United States scrap gold prices declined further on Wednesday in line with gold futures price at New York Mercantile.

UNITED STATES April 23 2015 10:45 AM

NEW YORK (Scrap Register): United States scrap gold prices declined further on Wednesday in line with gold futures price at New York Mercantile, after strong U.S. housing data bolstered the case for the Federal Reserve to raise interest rates in the next few months.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped further to $434.79 an ounce and 14ct Gold Scrap hallmarked traded down at $678.273 an ounce on Wednesday.

The prices of 9ct Gold Scrap non-hallmarked declined to $411.258 an ounce on Wednesday and 14ct Gold Scrap non-hallmarked traded down at $678.273 an ounce.

For Live US Scrap Gold Prices Log on to Scrap Register

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $16.60 at $1,186.50 an ounce on Wednesday.

However, gold futures prices extended early losses when it was reported U.S. existing home sales rose at the strongest pace in a year and a half in March.

The U.S. dollar index rebounded will off its low on the news, and the gold market in turn extended its early losses. The housing news also falls into the camp of those Fed watchers who expect a U.S. interest rate cut coming sooner rather than later.

Still, recent U.S. economic data has been a mixed bag overall—either stronger or weaker than market forecasts.

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

United States scrap gold prices

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US Scrap Gold prices drop further on Wednesday in line with COMEX Gold

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