UNITED STATES November 23 2015 4:45 PM
NEW YORK (Scrap Register): United States gold scrap prices fell on Friday, while gold futures prices at New York Mercantile Exchange settled lower after the precious metal succumbed to pressure from a strong dollar, marking its fifth consecutive weekly decline.
The major gold scrap commodities on the Scrap Register Price Index continued to trade down on Friday. The 9ct hallmarked gold scrap prices declined to $393.487 an ounce and 14ct hallmarked gold scrap prices dropped to $613.839 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down at $786.973 ounce and $961.157 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $372.19 an ounce and 14ct non-hallmarked gold scrap prices down to $580.616 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $744.379 an ounce and $909.135 an ounce respectively.
However, the most active December gold contract on the COMEX division of the New York Mercantile Exchange settled slightly up by $1.60 an ounce to $1,076.30 an ounce on Friday, a day after the yellow metal saw its largest one-day gain in over a month.
Gold futures prices at New York Mercantile Exchange settled down on the firm dollar and comments from a Federal Reserve policy maker who said the U.S. central bank should "soon" be ready to raise interest rates. The market had become overextended on the downside after falling to its lowest since February 2010 at $1,064.95 an ounce on Thursday.
A suggestion in the minutes of the Federal Reserve's last meeting that the bank would move cautiously on rates prompted the short covering. Speculation that the Federal Reserve will lift interest rates for the first time in nearly a decade this year has intensified since the release of strong U.S. jobs data earlier this month, which triggered a sharp drop in gold prices.