US Scrap Gold, Gold Futures prices fall further

UNITED STATES May 31 2016 6:54 PM

NEW YORK (Scrap Register): United States scrap gold prices fell further on Monday, while gold futures prices at New York Mercantile Exchange settled lower, moving in the opposite direction of the U.S. dollar, which soared after comments by Federal Reserve Chairwoman Janet Yellen last week indicated an interest-rate hike could come this summer.

The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices declined to $442.411 an ounce and 14ct hallmarked gold scrap prices decreased to $690.161 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $884.822 ounce and $1080.662 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $418.466 an ounce and 14ct non-hallmarked gold scrap prices down to $652.807 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $836.932 an ounce and $1022.173 an ounce respectively. 

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled lower by $5.50 to $1,208.80 an ounce on Monday.

Gold recovered from earlier, sharper losses when it briefly tapped $1,199 an ounce. That was after closing down $6.60 lower to $1,213.80 an ounce on Friday — Yellen’s comments came just ahead of the gold settlement. Prices lost 3% for the week to finish at a three-month low.