[Au Price] US Scrap Gold prices decline in line with Gold Futures

UNITED STATES August 06 2015 4:16 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Wednesday in line with gold futures prices at New York Mercantile Exchange as the dollar steadied and investors awaited US employment data that could bolster prospects of the Federal Reserve raising interest rates as early as next month.

The major gold scrap commodities on the Scrap Register Price Index traded down on Wednesday. The 9ct hallmarked gold scrap prices down to $394.705 an ounce and 14ct hallmarked gold scrap prices declined to $615.74 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $789.41 ounce and $964.133 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $373.342 an ounce and 14ct non-hallmarked gold scrap prices down to $582.414 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $746.684 an ounce and $911.951 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $5.30 at $1,085.50 an ounce on Wednesday.

Gold futures prices at New York Mercantile Exchange settled down as pressure from the dollar as U.S. services sector data revived expectations of a US interest rate rise as early as September. 

Gold prices were impacted after Atlanta Fed President Dennis Lockhart told the Wall Street Journal on Tuesday that an interest rate hike is likely in September. 

In economic data out of the U.S., payroll processor ADP Wednesday said the pace of private sector job growth slowed more than expected in July, after having reported a sharp jump in private sector employment in the previous month.