Strong equities, Dollar weigh US Scrap and Gold Futures prices

UNITED STATES March 21 2016 8:40 PM

NEW YORK (Scrap Register): United States scrap gold prices declined on Friday in line with gold futures prices at New York Mercantile Exchange as U.S. equities and the dollar strengthened.

The major gold scrap commodities on the Scrap Register Price Index traded down on Friday. The 9ct hallmarked gold scrap prices declined to $452.596 an ounce and 14ct hallmarked gold scrap prices dropped to $706.05 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $905.192 ounce and $1105.541 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $428.1 an ounce and 14ct non-hallmarked gold scrap prices down to $667.836 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $856.2 an ounce and $1045.705 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled slightly lost by $10.70 to $1,254.30 an ounce on Friday. Yellow metal prices saw a 0.4% weekly loss, their fourth losing week in five.

The U.S. central bank held interest rates steady and indicated it would tighten policy this year, but fresh projections showed policymakers expect two quarter-point increases by year-end, half the number forecast in December. Expectations the Fed would raise rates steadily this year had faded since the bank's initial hike in December, as concerns over global growth roiled financial markets.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)