[Au Price] US Scrap Gold prices decline; Gold Futures edge up

UNITED STATES July 24 2015 5:16 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Thursday while gold futures prices at New York Mercantile Exchange settled higher, putting an end to the 10-session losing streak that sent prices to their lowest level in more than five years.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Thursday. The 9ct hallmarked gold scrap prices rose to $394.214 an ounce and 14ct hallmarked gold scrap prices declined to $614.974 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $788.428 ounce and $962.934 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $372.878 an ounce and 14ct non-hallmarked gold scrap prices down to $581.689 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $745.755 an ounce and $910.816 an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange last traded up by $2.50 an ounce to $1,094 an ounce on Thursday.

Gold futures prices at New York Mercantile Exchange settled higher as the dollar weakened against some major currencies with bargain hunters swooping in after the precious metal's the longest losing streak in two decades.

Meanwhile, a Conference Board report on Thursday showed a bigger than expected increase in its index of leading U.S. economic indicators, pointing to continued strength in the economic outlook for the remainder of the year.

Gold's safe haven appeal have been diminishing over the last several weeks after global uncertainties eased considerably, with the Greek financial imbroglio finding a temporary reprieve, Iran striking a deal with the West, and signs of global economic recovery.