UNITED STATES November 04 2016 4:19 PM
EW YORK (Scrap Register): United States gold scrap prices dropped further on Tuesday, while gold futures prices at New York Mercantile Exchange finished lower, as it remained weighed down by recent hints from the U.S. Federal Reserve that an interest-rate increase could come yet this year.
The major gold scrap commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct hallmarked gold scrap prices down to $408.528 an ounce and 14ct hallmarked gold scrap prices declined to $637.303 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $817.055 ounce and $997.897 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $386.417 an ounce and 14ct non-hallmarked gold scrap prices down to $602.81 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $772.833 an ounce and $943.887 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $$21.80 to $1,114.10 an ounce on Tuesday, posting its worst point and percentage drop since October 29, when it lost $28.80 or 2.5%.
Gold futures prices at New York Mercantile Exchange settled down as traders bet the Fed will raise interest rates in the next few months.
Bullion has been under pressure since the Fed last week hinted at a rate hike in December, reversing earlier market expectations that the first US rate increase in nearly a decade could be delayed to next year on global growth concerns.