UNITED STATES May 28 2015 11:32 AM

NEW YORK (Scrap Register): United States gold scrap prices declined on Wednesday in line with gold futures prices at New York Mercantile Exchange as pressure from a stronger dollar weighed on investor appetite for the precious metal.

 

The major gold scrap commodities on the Scrap Register Price Index traded lower on Wednesday. The 9ct hallmarked gold scrap prices declined to $431.189 an ounce and 14ct hallmarked gold scrap prices dropped to $672.655 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $862.378 ounce and $1053.252 an ounce respectively.

 

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $407.852 an ounce and 14ct non-hallmarked gold scrap prices stable at $636.249 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $815.703 an ounce and $996.246 an ounce respectively.

 

The most active August gold contract on the COMEX division of the New York Mercantile Exchange traded down $1.20 an ounce at $1,186.50 an ounce on Wednesday.

 

Gold futures prices at New York Mercantile Exchange settled down as the dollar continued to trend higher against a band of select currencies, amid expectations that the U.S. Federal Reserve will raise interest rates in either July or September. 

 

Meanwhile, the dollar has rallied on fears that the eurozone crisis involving Greece is worse than feared. However, reports say there have been hints that Greece is almost close to a deal with its international creditors. Greek Prime Minister Alexis Tspiras in a statement said he was "close to an agreement." He also added that the agreement would be beneficial to Greece with no erosion to pensions, salaries, banks or deposits in the proposed deal. 

 

In the meantime, U.S. Treasury Secretary Jacob Lew called on Greece and its creditors to intensify efforts to find a solution to the financial crisis, while underlining the risks to the global economy from probable Greek default and exit from the eurozone.

 

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