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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