US Scrap Gold prices decrease; COMEX Gold continues to settle lower

UNITED STATES May 06 2016 6:25 PM     

NEW YORK (Scrap Register): United  States scrap gold prices decreased on Thursday, while gold futures prices at New  York Mercantile Exchange succumbed to a rebounding dollar to end lower, a day  ahead of a closely watched jobs report that could influence the path of the  yellow metal.

The major gold scrap commodities on the  Scrap Register Price Index traded down on Thursday. The 9ct hallmarked gold  scrap prices fell to $465.691 an ounce and 14ct hallmarked gold scrap prices  decreased to $726.478 an ounce. The 18ct hallmarked gold scrap and 22ct  hallmarked gold scrap prices also down at $931.382 ounce and $1137.528 an ounce  respectively.

According to Scrap Register Price Index, the 9ct  non-hallmarked gold scrap prices decreased to $440.486 an ounce and 14ct  non-hallmarked gold scrap prices down to $687.158 an ounce on Thursday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded lower at $880.972 an ounce and $1075.961 an ounce respectively.  

The most active June gold contract on the COMEX division of the New York  Mercantile Exchange settled lower by $2.10 to $1,272.30 an ounce on Thursday,  marking the third decline in a row for the precious metal.

Bullion turned  lower on Thursday, dropping for the fourth straight session on pressure from the  firm U.S. dollar ahead of Friday's U.S. payrolls report, which will give clues  about whether the Federal Reserve will soon raise interest rates.

The  U.S. dollar rose against a basket of major currencies as traders closed out  profitable bets against it ahead of the payrolls data, while U.S. and European  stock markets also rose.