Gold Futures hit worst since February 2010; US Scrap Gold prices decline

UNITED STATES November 16 2015 4:40 PM     

NEW YORK (Scrap Register): United  States gold scrap prices declined on Friday in line with gold futures prices at  New York Mercantile Exchange, which extending their losing streak to a fourth  week in a row, the longest stretch of weekly declines since late  July.

The major gold scrap commodities on the Scrap Register Price Index  traded down on Friday. The 9ct hallmarked gold scrap prices declined to $395.542  an ounce and 14ct hallmarked gold scrap prices dropped to $613.697 an ounce. The  18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded  down at $786.791 ounce and $960.934 an ounce respectively.

According to  Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to  $372.104 an ounce and 14ct non-hallmarked gold scrap prices down to $580.482 an  ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold  scrap prices are also traded higher at $744.207 an ounce and $908.925 an ounce  respectively.

Gold futures held ground at more than five-year low on  Friday. The most active December gold contract on the COMEX division of the New  York Mercantile Exchange settled lower by 10 cents to $1,080.90 an ounce on  Friday, the lowest settlement for a most-active contract since February  2010.

In addition, US Fed officials lined up behind a likely December  interest rate hike with one key central banker saying the risk of waiting too  long was now roughly in balance with the risk of moving too soon to normalize  rates after seven years near zero. Fischer reiterated that long-term inflation  will move back toward the Fed's long-term goal of 2%, as transitory effects from  a strong dollar and low energy prices continue to recede.