US Scrap Gold prices drop; Gold Futures settle lower below $1,100 an ounce mark

UNITED STATES January 12 2016 7:08 PM

NEW YORK (Scrap Register): United States gold scrap prices dropped on Monday, while gold futures prices at New York Mercantile Exchange settled lower for a second straight session, failing to reclaim the $1,100 an ounce mark as prices pulled back after a nearly 4% climb last week. 

The major gold scrap commodities on the Scrap Register Price Index continued to trade down on Monday. The 9ct hallmarked gold scrap prices declined to $400.398 an ounce and 14ct hallmarked gold scrap prices dropped to $624.621 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down at $800.796 ounce and $978.038 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $378.727 an ounce and 14ct non-hallmarked gold scrap prices down to $590.814 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $757.454 an ounce and $925.103 an ounce respectively.

However, the most active February gold contract on the COMEX division of the New York Mercantile Exchange settled slightly down by 0.2% to $1,096.20 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange settled lower on Monday as the dollar rose versus the euro, but the metal held around a nine-week high as pressure on stock markets continued to support investors' flight to safety.