US Scrap Gold prices decline; Gold Futures settle lowest level in more than a week

UNITED STATES March 15 2016 5:22 PM     

NEW YORK (Scrap Register): United States scrap gold prices  declined on Monday, while gold futures prices at New York Mercantile Exchange  settled at their lowest level in more than a week as investors looked ahead to  many important central-bank meetings that could set the near-term course for  dollar-denominated assets.

The major gold scrap commodities on the Scrap  Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices  declined to $452.05 an ounce and 14ct hallmarked gold scrap prices dropped to  $705.198 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap  prices also down at $904.101 ounce and $1104.208 an ounce  respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices decreased to $427.584 an ounce and 14ct  non-hallmarked gold scrap prices up to $667.031 an ounce on Monday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded lower at $855.167 an ounce and $1044.444 an ounce  respectively.

The most active April gold contract on the COMEX division  of the New York Mercantile Exchange settled slightly down by $14.30 to $1,245.10  an ounce on Monday. That was the lowest settlement since March 2, and prices  logged their fifth loss in six sessions.

Traders are eyeing on the US  Federal Reserve's two-day policy meeting will start on Tuesday and be watched  for clues on the future pace of U.S. rate increases. Further US rate hikes could  lift the opportunity cost of holding non-yielding bullion, while boosting the  dollar, in which it is priced.