UNITED STATES May 20 2015 12:37 PM
NEW YORK (Scrap Register): United States gold scrap prices continued to decline on Tuesday in line in with gold futures prices at New York Mercantile Exchange as the US dollar extended gains on strong US data, while global shares rose on the European Central Bank's suggestion it may speed up bond buying.
The major gold scrap commodities on the Scrap Register Price Index dropped further on Tuesday. The 9ct hallmarked gold scrap prices dropped to $441.702 an ounce and 14ct hallmarked gold scrap prices down to $689.055 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also declined to $883.403 ounce and $1078.93 an ounce respectively.
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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $417.795 an ounce and 14ct non-hallmarked gold scrap prices up at $651.76 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $835.59 an ounce and $1020.534 an ounce respectively.
However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange decline sharply by $19.90 an ounce to $1,207.70 an ounce on Tuesday.
Gold futures prices at New York Mercantile Exchange settled down and snapped a five-day gain to end at a one-week low on Tuesday, after the dollar trended sharply higher against a basket of select currencies after some upbeat economic news from the U.S.
The precious metal dropped further after a Commerce Department report showed new residential construction in the U.S. increased significantly in April, with housing starts jumping to its highest level in over seven years. Gold prices were unable to build on last week's gains as the dollar found its footing versus the euro.
Dollar-back commodities were stung by dovish comments from European Central Bank executive board member Benoit Coeure, who said the ECB will "frontload" its asset purchases in May and June to offset a lack of liquidity in the summer months.
Earlier this week prices gained after some disappointing economic data from the U.S. with homebuilder confidence dropping more than expected in May, boosting expectations of a further delay in a Federal Reserve interest rate hike.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)