US Scrap Gold price declines in line with COMEX Gold

Published: May 6, 2016 09:03

Save

United States scrap gold prices fell on Wednesday in line with gold futures prices at New York Mercantile Exchange.

UNITED STATES May 05 2016 6:26 PM

NEW YORK (Scrap Register): United States scrap gold prices fell on Wednesday in line with gold futures prices at New York Mercantile Exchange as the U.S. dollar remained firm while investors continued to focus on hawkish comments from Federal Reserve officials.

The major gold scrap commodities on the Scrap Register Price Index traded down on Wednesday. The 9ct hallmarked gold scrap prices fell to $466.691 an ounce and 14ct hallmarked gold scrap prices decreased to $728.038 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $933.382 ounce and $1139.971 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $426.259 an ounce and 14ct non-hallmarked gold scrap prices down to $688.634 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $882.864 an ounce and $1078.272 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled lower by $17.40 to $1,274.40 an ounce on Wednesday even as relatively riskier global stock markets pushed lower. Stocks and gold tend to move inversely, but not always.

However, dollar steadied after recent sharp losses and a pair of Fed officials indicated yesterday that the central bank is debating a June rate hike despite some lackluster economic news, denting gold prices.

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

United States scrap gold prices Comex gold

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

6 hours ago

Data: SHFE, DCE market movement (Mar 17)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 17 Mar , 2026

6 hours ago

11 hours ago

The Most-Traded Contract’s Center Rebounded Slightly, Market Transactions Softened After Downstream Enterprises Restocked [SMM Tin Midday Commentary]

[SMM Tin Midday Review: The Center of the Most-Traded Contract Rebounded Slightly, and Market Transactions Weakened After Downstream Enterprises Restocked]

11 hours ago

13 hours ago

[SMM Tin Flash: Samsung’s Largest Union Threatens to Strike, Potentially Disrupting Global Chip Supply]

Samsung Electronics' largest union in South Korea warned that chip production could be disrupted if members approve the plan in a strike vote in May. As the world's largest memory chip maker, a strike at Samsung could exacerbate global semiconductor supply bottlenecks. Choi Seung-ho, chairman of the Samsung Electronics Labor Union (SELU), said at the launch of the vote last week: "I expect there will be production disruptions." The vote will continue through Wednesday. Choi Seung-ho said that if labor and management fail to reach an agreement, the union is expected to hold an 18-day strike starting May 21, which could affect about half of the production at the massive semiconductor complex in Pyeongtaek, south of Seoul. The Samsung union is demanding a 7% raise in base pay, the removal of the performance-based compensation cap, currently set at 50% of annual base salary, and the introduction of a bonus pool based on operating profit.

13 hours ago