US Scrap Gold prices slightly up; Gold Futures rebound from nine-month low

UNITED STATES November 22 2016 6:30 PM

NEW YORK (Scrap Register): United States scrap gold prices slightly up on Monday, while gold futures prices at New York Mercantile Exchange logged a modest rebound from the nine-month low set last week as the high flying dollar cooled its advance.

The major gold scrap commodities on the Scrap Register Price Index traded slightly higher by 0.268 percent on Monday. The 9ct hallmarked gold scrap prices gained to $441.683 an ounce and 14ct hallmarked gold scrap prices advanced to $689.026 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also rose to $883.367 ounce and $1078.885 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices gained to $417.778 an ounce and 14ct non-hallmarked gold scrap prices rose to $651.734 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $835.556 an ounce and $1020.492 an ounce respectively. 

The most active December gold contract on the COMEX division of the New York Mercantile Exchange gained by $1.10 to $1,209.80 an ounce on Monday, though the finish was off the session’s high of $1,217.80. Gold had lost about 1.3% last week, to settle at $1,208.70 Friday—the lowest finish since mid-February.

Gold futures prices at New York Mercantile Exchange slid on Friday to their lowest finish since February. The yellow metal was undercut by dollar strength and growing expectations that the Federal Reserve won't only announce an interest-rate increase at its meeting in December but could also signal a quicker pace of rate increases next year. This sentiment pulled prices for the metal down for a second consecutive week.