US Scrap Gold prices fell in line with COMEX Gold

UNITED STATES October 20 2015 10:45 AM

NEW YORK (Scrap Register): United States gold scrap prices declined on Monday in line with gold futures prices at New York Mercantile Exchange as a stronger dollar and upbeat U.S. housing data clouded the outlook on U.S. interest rates, sapping investor interest in the precious metal.

The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices down to $427.552 an ounce and 14ct hallmarked gold scrap prices declined to $666.981 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $855.104 ounce and $1044.366 an ounce respectively. 

For Live US Scrap Gold Prices Log on to Scrap Register

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $404.411 an ounce and 14ct non-hallmarked gold scrap prices down to $630.881 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $808.822 an ounce and $987.841 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $10.30 to $1,172.80 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange settled down as the dollar was well bid on expectations the Federal Reserve could still raise U.S. rates this year.

The dollar climbed to its highest in over a week on Monday weighing on gold. A stronger greenback makes gold expensive for holders of other currencies. 

Gold touched its highest level in 3-1/2 months last week on bets the Fed will not raise U.S. rates amid concerns about the global economy. But the rally lost steam after robust U.S. economic data, and as gold failed to surge past the key $1,200 level.

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