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US Scrap Gold prices rise on Tuesday in line with COMEX Gold
May 13,2015 14:55CST
industry news
Source:SMM
United States scrap gold prices advanced on Tuesday in line with futures prices at New York Mercantile Exchange as the US dollar lost ground and bond markets in Europe tumbled.

UNITED STATES May 13 2015 11:29 AM

NEW YORK (Scrap Register): United States scrap gold prices advanced on Tuesday in line with futures prices at New York Mercantile Exchange as the US dollar lost ground and bond markets in Europe tumbled, spurring a modicum of safe-haven demand.

The major gold scrap commodities on the Scrap Register Price Index showed an up trend on Tuesday. The 9ct hallmarked gold scrap prices gained to $432.59 an ounce and 14ct hallmarked gold scrap prices rose to $674.84 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices are also advanced to $865.179 ounce and $1056.672 an ounce respectively.

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $409.176 an ounce and 14ct non-hallmarked gold scrap prices up at $638.315 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded up to $818.353 an ounce and $999.481 an ounce respectively.

However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $9.10 an ounce at $1,192.10 an ounce on Tuesday.

A feature in the world market place recently, and which has become more pronounced this week, has been many bond markets worldwide selling off sharply, including U.S. Treasuries. European and Japanese bond markets are under selling pressure.

The bond market sell-off has spilled over into weakness in world stock markets. The world bond market jitters are providing some increased demand for safe-haven gold. Rising bond yields also hint of price inflation, which is also bullish for hard assets like the metals.

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

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