US Scrap Gold prices advance on Wednesday; Gold Futures down

UNITED STATES May 07 2015 10:36 AM

NEW YORK (Scrap Register): United States scrap gold traded up on Wednesday, while futures prices at New York Mercantile exchange dropped after some soft economic data from the U.S. showed employment in the private sector increased less than expected.

 

The major gold scrap commodities on the Scrap Register Price Index showed an up trend on Wednesday. The 9ct hallmarked gold scrap prices rose to $435.409 an ounce and 14ct hallmarked gold scrap prices advanced to $679.238 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices are also gained to $870.818 an ounce and $1063.558 an ounce respectively.

 

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $411.843 an ounce and 14ct non-hallmarked gold scrap prices up at $642.475 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also advanced to $823.686 an ounce and $1005.995 an ounce respectively.

 

However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down $2.90 at $1,190.30 an ounce on Wednesday.

 

Gold failed to find support even as soft economic data from the U.S., pressured the dollar to trend lower against a basket of some major currencies. In another sign of sluggishness in the U.S. labor market, a report from payroll processor ADP on Wednesday showed private sector employment to have increased much less than expected in April.

 

Meanwhile, labor productivity in the U.S. showed another notable decrease in the first quarter of 2015, a report from the Labor Department showed Wednesday. Investors now await the crucial U.S. jobs report later this week, which is expected to go a long way in determining the health of the economy. 

 

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