UNITED STATES November 24 2016 6:39 PM

NEW YORK (Scrap Register): United States scrap gold prices fell by 2.21 percent on Wednesday, while gold futures prices at New York Mercantile Exchange marked its lowest settlement since early February as the dollar jumped after largely upbeat economic data. 

The major gold scrap commodities on the Scrap Register Price Index traded lower on Wednesday. The 9ct hallmarked gold scrap prices declined by 2.21 percent to $431.171 an ounce and 14ct hallmarked gold scrap prices traded lower to $672.627 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $862.342 ounce and $1053.207 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices fell to $407.834 an ounce and 14ct non-hallmarked gold scrap prices down to $636.222 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $815.669 an ounce and $996.204 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange fell by $21.90 to $1,189.30 an ounce on Wednesday, which marked the lowest close since early February.

Gold has shed nearly 10 percent from a peak hit in the aftermath of the U.S. election two weeks ago, holding above key support around $1,200. 

The metal has been hit by expectations that the policies of U.S. president-elect Donald Trump will boost economic growth as well as strong U.S. data that has supported the case for an interest rate rise.