US Scrap Gold prices advance further; Gold Futures settles down

UNITED STATES August 25 2015 10:30 AM

NEW YORK (Scrap Register): United States gold scrap prices gained on Monday, while gold futures prices at New York Mercantile Exchange settled lower as some traders sold the precious metal to raise cash needed to cover losses in stocks.

The major gold scrap commodities on the Scrap Register Price Index advanced on Monday. The 9ct hallmarked gold scrap prices rose to $424.314 an ounce and 14ct hallmarked gold scrap prices advanced to $661.93 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $848.629 ounce and $1036.459 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $401.349 an ounce and 14ct non-hallmarked gold scrap prices up to $626.104 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $802.698 an ounce and $980.362 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 to $1,154.30 an ounce on Monday.

US stock futures are pointing to massive losses again Monday following last week's brutal performance. As Chinese stocks continue to get thrashed, concerns over a Fed rate hike set off speculations in the market with most major averages on Wall Street spiraling down sharply. 

Chinese stocks plummeted over 8 percent, roiling most global equity markets, with European marking their worst performance since 2008. As a result of the turmoil, Bullion trader believe the Fed may postpone any plans of an immediate interest rate hike, may be at least until spring next year. 

Gold also found little support with the dollar also taking a beating. A Gold's safe have appeal has made it an attractive, although investors continued to cautiously monitor the precious metal after the mayhem in global equity markets.