US Scrap Gold prices continue to decline; Gold Futures hit worst since Sept 01

UNITED STATES November 02 2015 4:30 PM

NEW YORK (Scrap Register): United States gold scrap prices continued to decline on Friday, while gold futures prices at New York Mercantile Exchange hit its worst settlement price since September 01.

The major gold scrap commodities on the Scrap Register Price Index traded down on Friday. The 9ct hallmarked gold scrap prices down to $415.53 an ounce and 14ct hallmarked gold scrap prices declined to $648.227 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $831.06 ounce and $1015.001 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $393.04 an ounce and 14ct non-hallmarked gold scrap prices down to $613.142 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $786.08 an ounce and $960.065 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $5.90 to $1,141.40 an ounce on Friday, its worst settlement price since September 01. 

Gold futures finished down on Friday, closing at their lowest levels in about a month as the prospect of an interest-rate hike by the Federal Reserve weighed on the precious metal. 

The Fed indicated after a two-day policy meeting that a December rate rise is still on the table, curbing talk that a run of downbeat economic data and worries about the global economy would push a hike back to 2016. 

Traders remain uncertain about the next move for the Federal Reserve. Policy makers on Wednesday kept interest rates at zero but hinted they may raise rates in December.