US Scrap Gold prices drop; Gold Futures hit lowest level in a month

UNITED STATES March 29 2016 9:45 PM

NEW YORK (Scrap Register): United States scrap gold prices dropped on Monday, while gold futures prices at New York Mercantile Exchange finished at their lowest level in a month, after suffering from their worst weekly loss of the year.

The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices declined to $444.139 an ounce and 14ct hallmarked gold scrap prices dropped to $692.856 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $888.278 ounce and $1084.883 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $420.10 an ounce and 14ct non-hallmarked gold scrap prices down to $655.356 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $840.201 an ounce and $1026.165 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled lower by $1.50 to $1,222 an ounce on Monday, with prices for the contract marking their lowest settlement since February 26. 

The decline in gold futures prices at New York Mercantile Exchange comes as investors await a speech by Federal Reserve Chairwoman Janet Yellen and jobs data this week could help make a case for higher U.S. interest rates.

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