UNITED STATES September 04 2015 12:04 PM
NEW YORK (Scrap Register): United States gold scrap prices dropped on Thursday in line with gold futures prices at New York Mercantile Exchange as a stronger dollar and concerns about higher interest rates in the US weighed on traders’ appetite for the haven asset.
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The major gold scrap commodities on the Scrap Register Price Index traded down on Thursday. The 9ct hallmarked gold scrap prices down to $411.056 an ounce and 14ct hallmarked gold scrap prices declined to $ 641.247 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $ 822.111 ounce and $ 1004.072 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $388.808 an ounce and 14ct non-hallmarked gold scrap prices down to $606.54 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $777.616 an ounce and $949.728 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $9.40 to $1,124.20 an ounce on Thursday.
Gold futures prices at New York Mercantile Exchange settled down as the continued uptick in global stock markets lured investors to the riskier assets, limiting the safe haven appeal of the precious metal with little support from a strengthening U.S. Dollar.
Gold prices also reacted to some upbeat U.S. data that may tempt the Fed to raise interest rates despite China headwinds. ECB in a significant move decided to leave its interest rates unchanged. ECB President Mario Draghi's dovish comments at the press conference hinting that the central bank may consider further stimulus measures, provided a shot in the arm for markets.
The U.S. trade deficit narrowed more than expected in July, but weekly jobless claims increased more than anticipated. Investors now eagerly await the release of the employment report on Friday, which could give a strong indication of whether the Fed will decide to raise interest rates in September.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)