US Scrap Gold prices down on strong Dollar; Gold Futures hit 3 1/2-month low

UNITED STATES October 05 2016 10:47 PM

NEW YORK (Scrap Register): United States scrap gold prices fell on Tuesday, while gold futures prices at New York Mercantile Exchange suffering their largest one-day percentage loss since December 2013 and settled at a more than three-month low. 

The major gold scrap commodities on the Scrap Register Price Index traded lower on Tuesday. The 9ct hallmarked gold scrap prices down to $466.800 an ounce and 14ct hallmarked gold scrap prices dropped to $728.209 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also declined at $933.601 ounce and $1140.238 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $441.535 an ounce and 14ct non-hallmarked gold scrap prices down to $688.795 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $883.071 an ounce and $1078.524 an ounce respectively. 

The most active December gold contract on the COMEX division of the New York Mercantile Exchange fell by 3.3% to $1,269.70 an ounce on Tuesday.

Gold futures ended at a 3 1/2-month low as the dollar continued to flex its muscle against leading rivals, the pound in particular, cutting demand for commodities priced in the U.S. currency.