US Scrap Gold reports a weekly drop in line with COMEX Gold

UNITED STATES May 25 2015 5:09 PM

NEW YORK (Scrap Register): United States gold scrap prices reported a weekly drop last week in line with gold futures prices at New York Mercantile Exchange as traders anticipated a rate hike by the Federal Reserve later this year.

The major gold scrap commodities on the Scrap Register Price Index reported a weekly drop last week. The 9ct hallmarked gold scrap prices dropped to $438.319 an ounce and 14ct hallmarked gold scrap prices down to $ 683.777 an ounce on Friday. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $876.637 ounce and $1070.667 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also declined to $414.595 an ounce and 14ct non-hallmarked gold scrap prices down at $646.769 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded up to $829.191 an ounce and $1012.718 an ounce respectively.

Gold futures prices at New York Mercantile Exchange settled a dime lower on Friday with a loss for the week. Prices saw pressure from strength in the U.S. dollar as investors parsed through comments from Federal Reserve Chairwoman Janet Yellen regarding the likelihood of an increase rate rise this year.

However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down 10 cents an ounce at $1,204 an ounce on Friday.

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