US Scrap prices continue to stay below $1,000 an ounce; Gold Futures settle down

UNITED STATES November 05 2015 12:19 PM

NEW YORK (Scrap Register): United States gold scrap prices continued to decline on Wednesday in line with gold futures prices at New York Mercantile Exchange as a strong reading on growth in the US service sector and comments from the chairwoman of the Federal Reserve helped to strengthened the US dollar.

The major gold scrap commodities on the Scrap register Price Index continued to trade down on Wednesday. The 9ct hallmarked scrap prices traded down at $405.472 an ounce and 14ct hallmarked gold scrap prices dropped to $632.537 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down at $810.944 ounce and $990.433 an ounce respectively. 

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices traded down at $383.526 an ounce and 14ct non-hallmarked gold scrap prices down to $598.301 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $767.053 an ounce and $936.827 an ounce respectively. 

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $$1.80 to $1,112.30 an ounce on Wednesday. 

Gold had found earlier support after data showed U.S. private-sector employment gains continued in October, though at a slightly slower pace than in the prior month. Prices are trading at their lowest levels since Sept. 15.

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