US Scrap Gold prices may trade lower after May Day holiday

UNITED STATES May 04 2015 3:10 PM

NEW YORK (Scrap Register): United States gold scrap prices are expected to trade lower this week as investors and traders prepare for April’s employment report.

 

Analysts are expecting the US economy to have created 210,000 jobs in April. Consensus estimates put the employment growth at 235,000 jobs. Analysts are expecting gold prices to remain near the bottom end of their current range and if employment comes in above 200,000 they could see prices fall below current support.

 

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $427.752 an ounce and 14ct Gold Scrap hallmarked traded down at $667.293 an ounce on Monday.

 

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The prices of 9ct Gold Scrap non-hallmarked dropped to $404.6 an ounce on Monday and 14ct Gold Scrap non-hallmarked traded down at $631.176 an ounce.

 

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down at $1,174.50 an ounce, down 0.41% on the week.

 

Some analysts are also warning that Britain’s federal elections on May 7 could have an impact on gold futures markets is the results show a majority for Conservatives, who have said that if they win they will hold an referendum on its membership to the European Union by 2017.

 

Analysts have noted that a Britain’s exit from the EU could pose a threat to the Euro, which would create safe-haven demand for gold prices. Currently polls show a close race between Britain’s federal parties. 

 

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