Slump in Oil prices hit US Scrap Gold, Gold Futures prices

UNITED STATES January 20 2016 8:19 PM

NEW YORK (Scrap Register): United States gold scrap prices dropped on Tuesday, while gold futures prices at New York Mercantile Exchange settled lower as a slump in oil prices wiped out much of an earlier rally in U.S. equities.

The major gold scrap commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct hallmarked gold scrap prices declined to $395.123 an ounce and 14ct hallmarked gold scrap prices dropped to $616.393 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also decreased at $790.247 ounce and $965.155 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices fell to $373.738 an ounce and 14ct non-hallmarked gold scrap prices down to $583.031 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $747.476 an ounce and $912.917 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange were up by $1.60 to $1,089.10 an ounce on Tuesday, but lower for the week, as U.S. metals markets were closed on Monday for the Martin Luther King holiday.

Gold futures prices at New York Mercantile Exchange settled lower on Tuesday as prices seen under pressure as the dollar and equity markets rose after data showing China's weakest economic growth in years fanned stimulus hopes and spurred investors towards riskier assets.