US Scrap Gold prices may trade lower this week

UNITED STATES April 27 2015 5:35 PM

NEW YORK (Scrap Register): United States scrap gold prices are expected to trade lower this week in line in with futures prices at New York Mercantile Exchange.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled last week at $1,175 an ounce, down 2.4% from Monday’s opening price and its third straight weekly negative close.

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As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped to $ 430.316 an ounce and 14ct Gold Scrap hallmarked traded down at $ 671.293 an ounce on Monday.

The prices of 9ct Gold Scrap non-hallmarked declined to $ 407.026 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded down at $ 634.96 an ounce.

Unable to recover from strong selling mid-week, gold future prices are ending Friday at its lowest point since mid-March; with the Federal Reserve expected to be tight-lipped next week, analysts are uncertain if prices will be able to bounce higher in the near-term.

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