Gold Futures settle lower ahead of New Year

UNITED STATES December 29 2015 4:27 PM

NEW YORK (Scrap Register): United States gold scrap prices stayed flat on Monday, while gold futures prices at New York Mercantile Exchange dropped in a quiet holiday-thinned trading session, during which the yellow metal held in a narrow trading band.

The major gold scrap commodities on the Scrap Register Price Index continued to stay almost flat on Monday. The 9ct hallmarked gold scrap prices remained flat at $388.576 an ounce and 14ct hallmarked gold scrap prices unchanged at $606.178 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also stayed flat at $777.152 ounce and $949.161 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices remained stable at $367.545 an ounce and 14ct non-hallmarked gold scrap prices traded flay at $573.37 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also unchanged at $780.643 an ounce and $953.426 an ounce respectively. 

The most active February gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $6.40 to $1,069.20 an ounce on Monday.

“There’s two main points to make mention of today,” said Dave Meger, metals analyst with Vision Financial Markets.

“No. 1, we saw some weakness overnight in Asian equities on some ongoing concerns about Chinese capital flows. That weakness is leaking into our markets. Maybe the idea of a little lesser Chinese demand going forward has the market under some light pressure.”

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)