US Gold Scrap prices stay almost flat in line with Gold Futures

UNITED STATES September 01 2015 11:30 AM

NEW YORK (Scrap Register): United States gold scrap prices remained almost stable on Monday in line with gold futures prices at New York Mercantile Exchange, bouncing up from session lows as oil prices rallied and the US dollar fell, after bullion felt earlier pressure on indications the Federal Reserve may still raise interest rates this year, despite recent market turmoil. 

The major gold scrap commodities on the Scrap Register Price Index traded almost flat on Monday. The 9ct hallmarked gold scrap prices remained flat at $ 407.673 an ounce and 14ct hallmarked gold scrap prices unchanged at $ 635.97 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also stayed flat at $ 815.346 ounce and $995.809 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices remained stable at $385.608 an ounce and 14ct non-hallmarked gold scrap prices traded flay at $601.549 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also unchanged at $ 771.216 an ounce and $ 941.912 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled slightly down by $0.50 at 1,133.50 an ounce on Monday.

However, gold prices gained about 3.4 percent for the month. Investors also weighed some hawkish comments from Federal Reserve Vice Chairman Stanley Fischer in the recent past, indicating a real possibility of an interest rate hike in September.

Traders remained unsure about the outlook for U.S. interest rates, with the U.S. jobs report for August due at the end of the week likely to determine whether the Federal Reserve hikes rates this year. The dip in gold prices come despite some sluggish stock markets worldwide.