US Scrap Gold prices continue to decline; Gold Futures settle lower after weekly gain

UNITED STATES December 08 2016 11:45 AM

NEW YORK (Scrap Register): United States gold scrap prices continued to decline on Monday, while gold futures prices at New York Mercantile Exchange settled lower as a stronger U.S. dollar dulled demand for the metal, which recently scored its first weekly gain in seven weeks.

The major gold scrap commodities on the Scrap Register Price Index continued to trade down on Monday. The 9ct hallmarked gold scrap prices declined to $391.322 an ounce and 14ct hallmarked gold scrap prices dropped to $610.463 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded down at $782.644 ounce and $955.87 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also dropped to $370.142 an ounce and 14ct non-hallmarked gold scrap prices down to $577.422 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower at $740.285 an ounce and $904.135 an ounce respectively.

However, the most active February gold contract on the COMEX division of the New York Mercantile Exchange settled down by $8.90 an ounce to $1,075.20 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange scored a gain of 2.7% last week, even as the strong U.S. jobs report appeared to add further support for an interest-rate increase from the Federal Reserve this month, which could place pressure on the price of the yellow metal.