US Scrap Gold prices decline on Monday; COMEX Gold bounces back to above $1,200 an ounce

UNITED STATES April 28 2015 10:45 AM

NEW YORK (Scrap Register): United States scrap gold prices declined on Monday, gold futures price at New York Mercantile bounced back to above $1,200 an ounce mark.

Gold futures settled at their highest level in about two weeks on Monday, buoyed by weakness in the US dollar as talks between Greece and its international creditors dragged on and investors awaited the outcome of this week’s Federal Reserve meeting.

Gold hit a five-week low last Friday and the bargain hunters decided to step in and buy the dip Monday. Buy stop orders triggered in the futures market helped accelerate the rally in gold.

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The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $$27.40 at $1,202.40.

However, the prices of 9ct Gold Scrap hallmarked dropped to $430.316 an ounce as per Scrap Register Price Index 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.

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.

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