UNITED STATES March 09 2016 8:30 PM
NEW YORK (Scrap Register): United States scrap gold prices shrank on Tuesday in line with gold futures prices at New York Mercantile Exchange slipped as weakness in the U.S. stock market ultimately failed to draw enough haven demand for the metal.
The major gold scrap commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct hallmarked gold scrap prices declined to $460.871 an ounce and 14ct hallmarked gold scrap prices dropped to $718.959 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $921.742 ounce and $1125.755 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $435.927 an ounce and 14ct non-hallmarked gold scrap prices up to $680.046 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $871.854 an ounce and $1064.825 an ounce respectively.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled slightly down by $1.10 to $1,262.90 an ounce on Tuesday.
The next main market focus is Thursday's policy review by the European Central Bank, followed by the U.S. Federal Reserve's policy meeting on March 15-16. The ECB is expected to ease monetary policy, but investors are uncertain about how far it will go. The Fed lifted interest rates for the first time in nearly a decade in December.