US Scrap Gold prices rise; Gold Futures post 7% monthly drop in November

UNITED STATES December 01 2015 6:00 PM

NEW YORK (Scrap Register): United States gold scrap prices rose on Monday, while gold futures prices at New York Mercantile Exchange suffered their biggest monthly percentage drop in more than two years as investors penciled in a Federal Reserve rate increase in December.

The major gold scrap commodities on the Scrap Register Price Index traded up on Monday. The 9ct hallmarked gold scrap prices rose to $386.266 an ounce and 14ct hallmarked gold scrap prices advanced to $602.575 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $772.532 ounce and $943.519 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $365.36 an ounce and 14ct non-hallmarked gold scrap prices up to $569.962 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $730.72 an ounce and $892.453 an ounce respectively.

The December gold contract on the COMEX division of the New York Mercantile Exchange settled up by $9.60 to $1,065.70 an ounce on Monday. February gold contract, which is now the most-active contract, tacked on $9.10 to $1,065.30 an ounce. Gold futures on Monday scored their first one-day gain in three sessions.

Gold futures prices at New York Mercantile Exchange settled up as appetite for the precious metal improved following the release of disappointing U.S. economic data. The National Association of Realtors said its pending home sales index inched up 0.2% in October, disappointing expectations for a gain of 1.5%.