US Gold Scrap prices slip; Gold Futures bounce back from 10-month low

UNITED STATES December 13 2016 6:07 PM

NEW YORK (Scrap Register): United States scrap gold prices declined on Monday, while gold futures prices at New York Mercantile Exchange ended up, reversing course from earlier declines after finding support from a weaker dollar ahead of a U.S. interest-rate rise that is expected later this week.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Monday. The 9ct hallmarked gold scrap prices fell by 0.645% to $420.531 an ounce and 14ct hallmarked gold scrap prices dropped slightly to $656.029 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $841.063 ounce and $1027.218 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices down to $397.771 an ounce and 14ct non-hallmarked gold scrap prices down to $620.522 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $795.541 an ounce and $971.621 an ounce respectively. 

The most active February gold contract on the COMEX division of the New York Mercantile Exchange edged up by $3.90 to $1,165.80 an ounce on Monday after tapping a low of $1,152.50 an ounce. The metal has suffered five weekly losses in a row, settling Friday at its lowest level in 10 months.

Prices earlier remained under pressure as U.S. Treasury yields rose after Donald Trump's election led to speculation that his commitment to infrastructure spending would spur growth. This sentiment was aided by solid U.S. economic data.