US Scrap Gold prices drop; Gold Futures gain 1.8% for the week

UNITED STATES January 09 2017 7:28 PM

NEW YORK (Scrap Register): United States scrap gold prices dropped on Friday, while gold futures prices at New York Mercantile Exchange ended down as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal. 

The major gold scrap commodities on the Scrap Register Price Index traded lower by 0.724 percent on Friday. The 9ct hallmarked gold scrap prices dropped slightly to $427.715 an ounce and 14ct hallmarked gold scrap prices edged lower to $667.236 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $855.431 ounce and $1044.766 an ounce respectively. 

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices fell to $404.566 an ounce and 14ct non-hallmarked gold scrap prices down to $631.123 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $809.132 an ounce and $988.220 an ounce respectively. 

The most active February gold contract on the COMEX division of the New York Mercantile Exchange down by $7.90 to $1,173.40 an ounce on Friday, after notching its highest settlement in five weeks on Thursday. 

Expectations about the pace of rate increases—a negative for gold that doesn’t offer a yield—has cooled somewhat. For the week, the yellow metal tallied a 1.8% gain.