NEW YORK (Scrap Register): United States gold scrap prices dropped on Wednesday; while gold futures prices at New York Mercantile Exchange marked their lowest settlement in nearly six years, as a rise in November US private-sector employment and comments from the Federal Reserve’s chairwoman supported the likelihood that the central bank will agree to raise interest rates when it meets in two weeks.
The major gold scrap commodities on the Scrap Register Price Index traded down on Wednesday. The 9ct hallmarked gold scrap prices down to $383.902 an ounce and 14ct hallmarked gold scrap prices declined to $598.887 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $767.804 ounce and $937.744 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $363.124 an ounce and 14ct non-hallmarked gold scrap prices down to $566.473 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $726.247 an ounce and $886.99 an ounce respectively.
The most active February gold contract on the COMEX division of the New York Mercantile Exchange settled down by $9.70 an ounce to $1,053.80 an ounce. The settlement was the lowest since February 5, 2010.
Gold futures prices at New York Mercantile Exchange settled lower as Federal Reserve Chair Janet Yellen said she was "looking forward" to an interest rate hike that will mark the U.S. economy's recovery from recession. In prepared remarks, Yellen did not indicate if she still expected a rate hike would be warranted at the Fed's last remaining policy meeting this year on Dec. 15-16. Her comments lifted the U.S. dollar to its highest against the euro in more than seven months.