US Scrap Gold prices drop further; Gold Futures hits worst since early 2010

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.