US Scrap Gold prices plunge in line with Gold Futures

UNITED STATES February 17 2016 10:14 PM

NEW YORK (Scrap Register): United States scrap gold prices plummeted further on Tuesday in line with gold futures prices at New York Mercantile Exchange as U.S. stocks drew bidders and after a prominent Wall Street firm offered a bearish outlook on the yellow metal.

The major gold scrap commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct hallmarked gold scrap prices declined to $439.956 an ounce and 14ct hallmarked gold scrap prices dropped to $686.331 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $879.911 ounce and $1074.665 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $416.144 an ounce and 14ct non-hallmarked gold scrap prices up to $649.184 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $832.287 an ounce and $1016.5 an ounce respectively. 

The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled down by $31.20 to $1,208.20 an ounce on Tuesday. 

Based on most-active contracts, gold’s fall was the largest on a point basis since March 6, 2015, according to Dow Jones data. In percentage terms, it was the worst decline in about three months.

Gold futures prices at New York Mercantile Exchange settled down as investors awaited the release of the FOMC's minutes from its January meeting for further signals of possible divergence between the Fed and other major central banks throughout the world.