US Scrap Gold prices gain in line with Gold Futures

UNITED STATES October 21 2015 3:45 PM

NEW YORK (Scrap Register): United States gold scrap prices gained on Tuesday in line with gold futures prices at New York Mercantile Exchange, but recouped less than half of what they lost a day earlier, when they suffered their worst single-day decline in more than two weeks.

The major gold scrap commodities on the Scrap Register Price Index advanced on Tuesday. The 9ct hallmarked gold scrap prices rose to $428.407 an ounce and 14ct hallmarked gold scrap prices advanced to $668.314 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $856.813 ounce and $1046.454 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $405.22 an ounce and 14ct non-hallmarked gold scrap prices up to $632.143 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $810.439 an ounce and $989.816 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $4.30 an ounce at $1,177.10 an ounce on Tuesday.

Metal traders continued to digest weak economic data from China on Monday when the NBS reported that Chinese GDP grew by 6.9% in the third quarter, marking the slowest three-month period of growth since the height of the Financial Crisis.

The soft reading intensifies concerns that China could end the year with annual growth below 7% for the first time in more than a decade.

In August, China rattled global markets with a surprising decision to devalue the yuan as part of an initiative to stimulate its flagging economy. It came on the heels of a report from the U.S. Department of Treasury that capital outflows from China exceeded $500 billion over the first eight months of the year, underscoring worries related to the long-term viability of the Chinese economy.