US Gold Scrap prices may decline this week in line with Gold Futures

UNITED STATES July 07 2015 3:35 PM

NEW YORK (Scrap Register): United States gold scrap prices expected to remain under pressure in line with gold futures prices as a robust dollar might outweigh safe-haven demand after Greeks had rejected the terms of a bailout package in a referendum held over the weekend.

In the week, US service sector activity and the minutes of the Fed’s June meeting will also be in focus for the bullions prices.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Tuesday. The 9ct hallmarked gold scrap prices dropped by 0.16% to $424.132 an ounce and 14ct hallmarked gold scrap prices dropped to $661.647 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also declined at $848.265 ounce and $1036.014 an ounce respectively.

As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $401.177 an ounce and 14ct non-hallmarked gold scrap prices down to $625.836 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $802.354 an ounce and $979.941 an ounce respectively.

Gold scrap and gold futures prices fell during last week as the prospect of Greece default over repayment to the International Monetary Fund knocked the euro against the dollar, while investors remained wary over the metal's longer-term prospects.

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