US Gold Scrap prices drop further in line with Gold Futures

Published: Jul 16, 2015 08:55

Save

United States gold scrap prices dropped further on Tuesday in line with gold futures prices at New York Mercantile Exchange on the back of the Greek debt deal and a firmer dollar.

UNITED STATES July 15 2015 6:11 PM

NEW YORK (Scrap Register): United States gold scrap prices dropped further on Tuesday in line with gold futures prices at New York Mercantile Exchange on the back of the Greek debt deal and a firmer dollar.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Tuesday. The 9ct hallmarked gold scrap prices rose to $421.004 an ounce and 14ct hallmarked gold scrap prices declined to $656.767 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $842.008 ounce and $1028.373 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $398.218 an ounce and 14ct non-hallmarked gold scrap prices down to $621.22 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $796.436 an ounce and $972.714 an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $2.10 at $1,153.30 an ounce on Tuesday.

Gold futures prices at New York Mercantile Exchange settled lower after disappointing economic data from the U.S. with retail sales for June dropped unexpectedly.

Gold prices were also impacted after an historic deal on Iran's nuclear program was reached earlier today in Vienna following some lengthy negotiations between Tehran and the West.

In disappointing economic news, U.S. retail sales unexpectedly declined in June, after a sharp jump in sales the previous month. In a landmark agreement with five world powers, Iran said it would limit its nuclear ambitions for ten years in exchange for lifting some sanctions.

The precious metal's safe haven appeal also diminished after a weekend deal was reached to rescue Greece yet again. The agreement still needs to be approved by the Greek Parliament, even as Prime Minister Alexis Tsipras appealed to lawmakers to support the deal to get the much-needed bailout aid from its eurozone creditors.

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

gold scrap prices gold futures prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

49 mins ago

US Arctic Copper Project Enters FAST-41 Program as Domestic Critical Mineral Push Accelerates

Trilogy Metals said its Arctic copper project in Alaska has been accepted into the FAST-41 federal permitting program, aimed at accelerating approvals for major infrastructure and critical mineral projects. The project is being developed through a joint venture with South32. The company recently submitted its Clean Water Act Section 404 permit application, officially starting the federal permitting process. Trilogy also noted that the US government previously announced plans to take a 10% direct ownership stake in the company as part of efforts to strengthen domestic critical mineral supply chains. According to company estimates, the Arctic deposit contains indicated resources of approximately 35.7 million tonnes grading 2.98% copper and 4.09% zinc.

49 mins ago

56 mins ago

Copper Prices Declined, Downstream Buying Active with Some Enterprises Seeing Orders Rise 30%

[SMM Shanghai Spot Copper] Copper prices declined intraday, dipping to around 103,500 yuan/mt. Downstream buying interest rebounded notably compared to the previous trading day. According to SMM, orders at some copper processing enterprises rebounded by more than 30% from the previous day.

56 mins ago

1 hour ago

Kazakhstan Copper Production Declined, LME Copper and SHFE Copper Both Closed Lower Overnight, January-April [SMM Copper Morning Meeting Minutes]

SMM Morning Meeting Summary: Last Friday, LME copper opened at $13,609.5/mt, touched a high of $13,661.5/mt in early trading, then the price center gradually shifted lower to $13,467.5/mt, and finally moved sideways to close at $13,544.5/mt, down 3.15%, with trading volume at 34,000 lots and open interest at 281,000 lots, an increase of 3,469 lots from the previous trading day, indicating bears adding positions. Last Friday evening, the most-traded SHFE copper 2606 contract opened at 104,050 yuan/mt, dipped to 103,810 yuan/mt in early trading, then the price center shifted slightly higher to touch 104,760 yuan/mt, and finally moved sideways to close at 104,440 yuan/mt, down 0.26%, with trading volume at 38,000 lots and open interest at 167,000 lots, a decrease of 3,793 lots from the previous trading day, indicating bulls reducing positions.

1 hour ago