US Gold Scrap prices decline; Gold Futures bounce back from nine-month low

UNITED STATES November 29 2016 5:19 PM

NEW YORK (Scrap Register): United States scrap gold prices declined on Monday, while gold futures prices at New York Mercantile Exchange settled higher with a pullback in the U.S. dollar and a decline in the stock market helping the precious metal regain strength after hitting lows last seen in February.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Monday. The 9ct hallmarked gold scrap prices dropped by 0.59% to $431.771 an ounce and 14ct hallmarked gold scrap prices edged lower to $673.563 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $863.542 ounce and $1054.673 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices fell to $408.402 an ounce and 14ct non-hallmarked gold scrap prices down to $637.107 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $816.804 an ounce and $997.590 an ounce respectively. 

The most active December gold contract on the COMEX division of the New York Mercantile Exchange rose by $12.40 to $1,190.80 an ounce on Monday. 

That follows Friday’s session when the contract fell 0.9% to less than $1,179 an ounce. Prices last week lost roughly 2%. February gold which is also among the most-active contracts, tacked on $12.80, or 1,1%, to finish at $1,193.80 an ounce.