UNITED STATES September 03 2015 2:32 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 trended higher on some upbeat economic data from the US.
The major gold scrap commodities on the Scrap Register Price Index traded down on Wednesday. The 9ct hallmarked gold scrap prices down to $415.512 an ounce and 14ct hallmarked gold scrap prices declined to $648.198 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $831.023 ounce and $1014.956 an ounce respectively.
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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $393.023 an ounce and 14ct non-hallmarked gold scrap prices down to $613.115 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $786.045 an ounce and $960.023 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $5.60 at $1,134.20 an ounce on Wednesday.
Concerns over China and a possibly ill-timed U.S. interest rate hike in the offing have been making most markets jittery for the past month.
While Gold rallied in August due mostly to its safe haven appeal amid some sluggishness seen in the global economic growth.
In economic news from the US, a report from the Labor Department showed a notable increase in private sector employment in the second quarter with a more than expected rise of 3.3 percent, ahead of Friday's jobs data.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)