US Gold Scrap prices edge up; COMEX Gold slips

UNITED STATES June 02 2015 10:35 AM

NEW YORK (Scrap Register): United States gold scrap prices slightly up on Monday, while gold futures prices at New York Mercantile Exchange slipped as the dollar rallied after the precious metal was initially buoyed by an unexpected stall in US consumer spending and comments on interest rates from a Federal Reserve's official.

 

The major gold scrap commodities on the Scrap Register Price Index traded slightly higher on Monday. The 9ct hallmarked gold scrap prices edged up by 0.5% to $433.372 an ounce and 14ct hallmarked gold scrap prices up slightly to $676.06 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also edged up at $866.744 ounce and $1058.583 an ounce respectively. 

 

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices up slightly to $409.916 an ounce and 14ct non-hallmarked gold scrap prices edged up to $639.469 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly up to $819.832 an ounce and $1001.288an ounce respectively.

 

The most active August gold contract on the COMEX division of the New York Mercantile Exchange was last trade slightly down $0.40 an ounce at $ 1,189.40 an ounce on Monday.

 

US dollar advanced against major currencies after stronger-than-expected data on U.S. manufacturing activity and construction spending, while mounting worries of a Greek default contributed to the euro's weakness. 

 

Gold had initially gained in the previous session after U.S. consumer spending growth unexpectedly stalled in April as households cut back on purchases of automobiles and continued to boost savings. 

 

Comments from Boston Fed President Eric Rosengren regarding US interest rates also helped. Rosengren said he would like to begin raising rates as soon as possible, but risks from the slowdown in China and Europe in particular loom large, even as growth at home is still not strong enough.

 

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