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US Scrap Gold prices climb; Gold Futures settle down at $1,170.10 an ounce

iconDec 8, 2016 09:39
United States scrap gold prices climbed on Tuesday, while gold futures prices at New York Mercantile Exchange settled down as the dollar strengthened against its leading rivals and US stocks traded mo

UNITED STATES December 07 2016 5:26 PM

NEW YORK (Scrap Register): United States scrap gold prices climbed on Tuesday, while gold futures prices at New York Mercantile Exchange settled down as the dollar strengthened against its leading rivals and US stocks traded mostly higher—drawing investors’ attention away from the precious metal.

The major gold scrap commodities on the Scrap Register Price Index showed an uptrend on Tuesday. The 9ct hallmarked gold scrap prices gained by 0.886% to $426.497 an ounce and 14ct hallmarked gold scrap prices edged higher to $665.335 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also climbed at $852.994 ounce and $1041.790 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $ 403.413 an ounce and 14ct non-hallmarked gold scrap prices up to $629.325 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $806.827 an ounce and $985.404 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange down by $6.40 to $1,170.10 an ounce on Tuesday. The contract fell below $1,160 an ounce briefly on Monday, flirting with levels not seen since February. 

Gold investors also remained on the defensive as they faced the strong likelihood of a Federal Reserve interest-rate hike next week and the possibility that monetary policy will tighten at an accelerated pace in 2017, boosting the dollar and cutting demand for the yellow metal.

Scrap Gold prices

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