UNITED STATES November 24 2015 5:44 PM
NEW YORK (Scrap Register): United States gold scrap prices continued to decline on Monday, while gold futures prices at New York Mercantile Exchange settled sharply lower, sending prices for the metal back to their lowest level since early 2010 as the U.S. dollar got a boost from growing expectations that the Federal Reserve will raise interest rates in December.
The major gold scrap commodities on the Scrap Register Price Index continued to trade down on Monday. The 9ct hallmarked gold scrap prices declined to $389.394 an ounce and 14ct hallmarked gold scrap prices dropped to $607.455 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down at $778.789 ounce and $951.161 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $368.319 an ounce and 14ct non-hallmarked gold scrap prices down to $574.577 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $736.638 an ounce and $899.68 an ounce respectively.
However, the most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $9.50 an ounce to $1,066.80 an ounce on Monday, settled at their lowest level since February 2010.
Gold futures prices at New York Mercantile Exchange settled down pressured by a robust dollar and upbeat comments from Federal Reserve officials on a possible U.S. rate hike next month.
Speculation that the Fed 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. Comments from Fed officials have boosted that view.
