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US Scrap Gold prices decline; Gold Futures settle lower on strong Dollar
Jan 12,2016 09:53CST
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Source:SMM
United States gold scrap prices declined on Friday.

UNITED STATES January 11 2016 7:20 PM     

NEW YORK (Scrap Register): United States gold scrap prices  declined on Friday, while gold futures prices at New York Mercantile Exchange  settled lower for the first time in six sessions after a better-than-expected  U.S. employment report buoyed the dollar and dulled some of the metal’s  investment appeal.

The major gold scrap commodities on the Scrap Register  Price Index continued to trade down on Friday. The 9ct hallmarked gold scrap  prices declined to $400.798 an ounce and 14ct hallmarked gold scrap prices  dropped to $625.245 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked  gold scrap prices also traded down at $801.596 ounce and $979.016 an ounce  respectively.

According  to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also  dropped to $379.105 an ounce and 14ct non-hallmarked gold scrap prices down to  $591.404 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct  non-hallmarked gold scrap prices are also traded higher at $758.211 an ounce and  $926.028 an ounce respectively.

However, the most active February gold  contract on the COMEX division of the New York Mercantile Exchange settled down  by $9.90 an ounce to $1,097.90 an ounce on Friday. The commodity saw a weekly  climb of 3.6%, which was the largest since the week ended August 21, 2015,  according to FactSet data.

Gold futures prices at New York Mercantile  Exchange settled down as stronger-than-expected U.S. payrolls data boosted the  dollar and stock markets, shoring up a recovery in equities. 

Pressure  also seen as the U.S. dollar regained some ground after the People's Bank of  China set a higher yuan guidance rate for the first time in nine days.  

The Labor Department said U.S. job growth surged in December, and  revised employment for the prior two months sharply higher, suggesting that a  recent manufacturing-led slowdown in economic growth would be temporary.


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