NEW YORK (Scrap Register): United States gold scrap prices dropped on Friday in line with gold futures prices at New York Mercantile Exchange amid speculations over a Fed rate hike this year, even as concerns over the slowdown in the Chinese economy strengthened.
The major gold scrap commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct hallmarked gold scrap prices down to $411.801 an ounce and 14ct hallmarked gold scrap prices declined to $642.41 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $823.603 ounce and $1005.893 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $389.513 an ounce and 14ct non-hallmarked gold scrap prices down to $607.641 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $779.026 an ounce and $951.451 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $5.20 to $1,126.50 an ounce on Tuesday.
Global stock markets were also on the wane, with most European and Asian markets closing deep in the red, although US markets were modestly higher approaching the close.
Traders will be paying close attention to each economic release in the coming weeks, for cues as to when the Federal Reserve will raise interest rates.
Apprehension over a slowdown in Chinese economy continued to strengthen with yesterday's sell-off in commodities, since China is one of the major importers of metals in the world. In economic news, home prices in major US metropolitan unexpectedly decreased in July, a report from S&P's showed Tuesday.