US Gold Scrap prices decline; Gold Futures drop as Dollar hits 14-year high

UNITED STATES December 21 2016 6:06 PM

NEW YORK (Scrap Register): United States scrap gold prices declined on Tuesday, while gold futures prices at New York Mercantile Exchange ended lower as a leading dollar index revived its run to fresh 14-year highs.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Tuesday. The 9ct hallmarked gold scrap prices slipped by 0.929% to $409.473 an ounce and 14ct hallmarked gold scrap prices edged down to $638.778 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $818.947 ounce and $1000.207 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $387.311 an ounce and 14ct non-hallmarked gold scrap prices down to $604.205 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $774.622 an ounce and $946.072 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange down by $9.10 to $1,133.60 an ounce on Tuesday because a stronger greenback makes dollar-priced gold less attractive to investors using other currencies.

Despite the recent weakness, gold and silver are poised for their first yearly gains since 2012. Gold is headed for a roughly 6% gain for 2016.