US Scrap Gold prices advance; Gold Futures settle slightly up

UNITED STATES November 10 2015 11:25 AM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Monday, while gold futures prices at New York Mercantile Exchange settled slightly up, but some analysts continued to offer a bearish outlook for the yellow metal’s price.

The major gold scrap commodities on the Scrap Register Price Index advanced on Monday. The 9ct hallmarked gold scrap prices rose to $396.342 an ounce and 14ct hallmarked gold scrap prices advanced to $618.294 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $792.684 ounce and $968.131 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $374.89 an ounce and 14ct non-hallmarked gold scrap prices up to $584.829 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $749.781 an ounce and $915.733 an ounce respectively. 

The most active December gold contract on the COMEX division of the New York Mercantile Exchange ended slightly up by 40 cents to $1,088.10 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange settled down as the dollar retreated, but still hovered near its lowest in three months after robust US jobs data boosted expectations of a U.S. rate hike in December. 

US data on Friday showed employers outside the farming sector added 271,000 jobs in October, well above expectations and the most in 10 months, while the jobless rate fell to a 7-1/2-year low of 5 percent. 

As a result, investors raised their bets that the first U.S. rate increase in nearly a decade will come next month, sending non-interest-paying gold to $1,084.90 an ounce on Friday, the lowest since August. Also dollar hit its highest in nearly seven months, while US Treasury yields also jumped.

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