US Scrap Gold prices continue to stay flat; Gold Futures drop further

UNITED STATES September 29 2015 10:01 AM

NEW YORK (Scrap Register): United States gold scrap prices continued to stay flat on Monday, while gold futures prices at New York Mercantile Exchange dropped further as a drop in US stocks prompted investors to sell the metal as they sought cash to cover losses. 

The major gold scrap commodities on the Scrap Register Price Index continued to stay almost flat on Monday. The 9ct hallmarked gold scrap prices remained flat at $412.656 an ounce and 14ct hallmarked gold scrap prices unchanged at $643.744 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also stayed flat at $825.312 ounce and $1007.982 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices remained stable at $390.322 an ounce and 14ct non-hallmarked gold scrap prices traded flay at $608.902 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also unchanged at $780.643 an ounce and $953.426 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $13.60 at $1,132 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange settled down as investors tracked some sharply declining global equity markets on worries of global economic slowdown with further soft data from China strengthening the stand. 

European markets ended solidly in negative territory as concerns over China returned to the forefront, after some disappointing economic data. Worries over China prompted further weakness in commodity prices. 

US stocks were trading deeply in the red after some weak economic cues out of China, once again raising concerns about the health of the global economy.

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