US Scrap Gold prices drop further; Gold Futures remain almost steady

UNITED STATES October 28 2015 11:40 AM

NEW YORK (Scrap Register): United States gold scrap prices dropped further on Tuesday, while gold futures prices at New York Mercantile Exchange as investors mulled the outcome of the Federal Reserve’s monetary policy meeting and upcoming economic reports, which include U.S. gross domestic product.

The major gold scrap commodities on the Scrap Register Price Index continued to trade down on Tuesday. The 9ct hallmarked gold scrap prices down to $424.023 an ounce and 14ct hallmarked gold scrap prices declined to $661.476 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $848.047 ounce and $1035.748 an ounce respectively. 

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped further to $401.074 an ounce and 14ct non-hallmarked gold scrap prices down to $625.675 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $802.147 an ounce and $979.689 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange was last down $0.20 at $1,166 an ounce on Tuesday.

Gold futures prices at New York Mercantile Exchange settled almost flat as investors waited for clues on the timing of a US rate hike. 

Bullion was supported after data on Tuesday showed a second straight drop in a gauge of U.S. business investment in September and a decline in consumer confidence this month, hinting at economic weakness.

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