Metals News
Chinese rate cut influences US Scrap Gold prices, Gold Futures
industry news
02:42PM
Aug 27,2015
Source:SMM

UNITED STATES August 26 2015 6:15 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Tuesday in line with gold futures prices at New York Mercantile Exchange as news that China cut its benchmark interest rate helped stabilize global markets and bolster the U.S. dollar, prompting prices to log a decline for a second straight session.

The major gold scrap commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct hallmarked gold scrap prices down to $413.766 an ounce and 14ct hallmarked gold scrap prices declined to $645.474 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $827.531 ounce and $1010.692 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $391.371 an ounce and 14ct non-hallmarked gold scrap prices down to $610.539 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $782.742 an ounce and $955.989 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by down $16.90 at $1,136.70 an ounce on Tuesday.

The move encouraged investors back to equities with some bargain hunting evident in the process. The Chines decision to lower interest rates helped bring stability to global equity markets and as well bolstered the U.S. dollar, following yesterday's massive declines in global equity markets over fears focused on the economic doldrums in China.

The Chinese authorities lowered interest rates overnight, hoping to jump start what was the world's fastest growing global economy. This helped equities snap back this morning after brutal losses in the previous session. The interest rates were reduced by 0.25 percentage points each, the People's Bank of China said in a statement on its website.

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


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