US Gold Scrap prices decline in line with COMEX Gold

UNITED STATES July 14 2015 3:41 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Monday in line with gold futures prices at New York Mercantile Exchange as the dollar rose against the euro after leaders struck a deal to negotiate a Greek bailout, while signals the U.S. Federal Reserve was still on track to raise rates this year also weighed.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Monday. The 9ct hallmarked gold scrap prices rose to $419.768 an ounce and 14ct hallmarked gold scrap prices declined to $654.837 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $839.535 ounce and $1025.352 an ounce respectively.

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $397.048 an ounce and 14ct non-hallmarked gold scrap prices down to $619.395 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $794.096 an ounce and $969.856 an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $2.60 at $1,155.20 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange dropped after Greece reached a deal to land a third bailout following last-ditch efforts in talks between Greece and its creditors with an agreement on Sunday. 

Nevertheless, the deal still needs to be approved by lawmakers in Athens. Eurozone leaders unanimously reached an agreement early Monday to start talks for a EUR 82-86 billion third bailout program for Greece after hours of negotiations, empowering the country to battle a severe economic crisis and remain in the single currency bloc. 

Now Investor attention will now likely shift to the U.S. economy and monetary policy this week. Also Hedge funds and money managers bailed out of COMEX gold and silver futures and options, data showed late Friday. 

Meanwhile Physical demand for gold was tepid last week as prospective investors in China chased bargains in equities after a market selloff, while those in India delayed purchases.

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