US Scrap Gold prices gain; Gold Futures continue to decline

UNITED STATES July 12 2016 6:19 PM    

NEW YORK (Scrap Register): United  States scrap gold prices gained on Monday, while gold futures prices at New York  Mercantile turned in a third day of declines, after an attempt to recoup recent  losses fizzled in light of stronger US stocks and the dollar.

The major  gold scrap commodities on the Scrap Register Price Index traded down on Monday.  The 9ct hallmarked gold scrap prices fell to $493.645 an ounce and 14ct  hallmarked gold scrap prices dropped to $770.086 an ounce. The 18ct hallmarked  gold scrap and 22ct hallmarked gold scrap prices also down at $987.29 ounce and  $1205.81 an ounce respectively.

According to Scrap Register Price Index, the  9ct non-hallmarked gold scrap prices declined to $466.927 an ounce and 14ct  non-hallmarked gold scrap prices tumbled to $728.406 an ounce on Monday. The  18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are  also traded down at $933.854 an ounce and $1140.548 an ounce  respectively.

The most active August gold contract on the COMEX division  of the New York Mercantile Exchange settled down by $1.80 to $1,356.60 an ounce  on Monday, after trading above $1,360 earlier in the session. Even with the  recent declines, gold logged a weekly gain of 1.5% on Friday.

Meanwhile,  the strong, Friday labor-market report was seen as healthy enough to suggest  that the U.S. economic recovery remains steady but not robust enough to spur the  Fed to lift benchmark interest rates in a hurry.