UNITED STATES August 05 2015 11:25 AM

NEW YORK (Scrap Register): United States gold scrap prices slightly up on Tuesday, while gold futures prices at New York Mercantile Exchange dropped mainly due to the pressure from the US dollar, which rallied after remarks from a Federal Reserve official pointed to a September interest-rate hike.

The major gold scrap commodities on the Scrap Register Price Index traded slightly higher on Tuesday. The 9ct hallmarked gold scrap prices edged up to $397.433 an ounce and 14ct hallmarked gold scrap prices up slightly to $619.996 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also edged up at $794.866 ounce and $970.797 an ounce respectively.

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices up slightly to $375.923 an ounce and 14ct non-hallmarked gold scrap prices edged up to $586.439 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly up to $751.845 an ounce and $918.254 an ounce respectively.

However, the most active December gold contract on the COMEX division of the New York Mercantile Exchange was last trade down $3.40 an ounce at $1,085.90 an ounce on Tuesday.

Gold futures prices at New York Mercantile Exchange settled down on pressured by the expectation that the Federal Reserve was well on course to raise interest rates this year. 

While US data on Monday suggested the world’s largest economy may have lost some momentum in the past two months, economists believe the US central bank was still set to lift rates this year. But the initial hike — the first in nine years — could be later than September when Fed policy makers meet next. 

Meanwhile Investors await Friday's critical U.S. jobs report for the month of July for further indications on the strength on the labor market and economy.

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