NEW YORK (Scrap Register): United States gold scrap prices declined on Monday, while gold futures at New York Mercantile Exchange were closed for the Labor Day holiday.
The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices down to $407.218 an ounce and 14ct hallmarked gold scrap prices declined to $635.26 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $814.436 ounce and $994.698 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $385.178 an ounce and 14ct non-hallmarked gold scrap prices down to $ 600.878 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $770.356 an ounce and $940.861 an ounce respectively.
A shortened trading week, due to the Labor Day Monday, will add uncertainty to the marketplace as investors wait one more week before the much anticipated Federal Reserve monetary policy meeting.
While global market uncertainty could benefit gold futures prices in the near-term, an impending rate hike -- the first in rise since June 2006 -- will continue to weigh on the marketplace.
December Comex gold futures ended its second consecutive week in negative territory, but managed to hold key support levels, closing Friday’s session at $1,121.40 an ounce, down almost 1% on the week.