US Scrap Gold prices continue to decline; Strong equities weigh Gold Futures

UNITED STATES May 11 2016 7:28 PM

NEW YORK (Scrap Register): United States scrap gold prices declined on Tuesday, while gold futures prices at New York Mercantile Exchange settled near a two-week low as strength in global equities helped to dull the metal’s investment appeal and as uncertainty surrounded the outlook for the U.S. dollar. 

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 $1.80 to $1,264.80 an ounce on Monday.

Prices of the yellow metal are still up nearly 20% so far this year amid indications the Federal Reserve will take a slow and cautious approach to raising interest rates this year.