Decline in Dollar lifts US Scrap Gold, Gold Futures prices

UNITED STATES May 17 2016 6:49 PM     

NEW YORK (Scrap Register): United  States scrap gold prices advanced on Monday, while gold futures prices at New  York Mercantile Exchange settled slightly higher as the dollar largely traded  flat to lower, boosting the appeal of precious metals.

The major gold  scrap commodities on the Scrap Register Price Index traded up on Monday. The 9ct  hallmarked gold scrap prices gained to $467.692 an ounce and 14ct hallmarked  gold scrap prices increased to $729.599 an ounce. The 18ct hallmarked gold scrap  and 22ct hallmarked gold scrap prices also up at $935.383 ounce and $1142.415 an  ounce respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices advanced to $442.378 an ounce and 14ct  non-hallmarked gold scrap prices up to $690.11 an ounce on Monday. The 18ct  non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also  traded higher at $884.757 an ounce and $1080.583 an ounce respectively.  

The most active June gold contract on the COMEX division of the New York  Mercantile Exchange settled slightly higher by $1.50 to $1,274.20 an ounce on  Monday, well below the session’s high above $1,290. Gold shed 1.7% last week,  the first loss since the week ended April 22.

Gold futures wrapped up  Friday with its first weekly loss in three weeks after a stronger-than-expected  reading for retail sales, the biggest monthly gain in a year, lifted Federal  Reserve interest-rate expectations, and as a result, pushed up the dollar and  depressed gold prices.