US Scrap Gold prices drop; COMEX Gold settles down

UNITED STATES May 10 2016 6:20 PM

NEW YORK (Scrap Register): United States scrap gold prices dropped on Monday, while gold futures prices at New York Mercantile Exchange settled lower, erasing all of the jobs data-fueled gains seen late last week, as the dollar found renewed strength.

The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices fell to $460.106 an ounce and 14ct hallmarked gold scrap prices decreased to $717.765 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $920.211 ounce and $1123.885 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices decreased to $435.203 an ounce and 14ct non-hallmarked gold scrap prices down to $678.917 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $870.406 an ounce and $1063.056 an ounce respectively. 

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled lower by $27.40 to $1,266.60 an ounce on Monday.

Gold snapped four days of losses when the payrolls report showed that the U.S. economy added the fewest jobs in seven months in April, leaving some economists expecting only one interest rate hike from the Federal Reserve this year. But its failure to capitalise further on the data disappointed some gold bulls, given how far their bets on higher prices had gone.

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