UNITED STATES February 14 2017 6:00 PM
NEW YORK (Scrap Register): United States scrap gold prices dropped on Monday in line with gold futures prices at New York Mercantile Exchange as the dollar flexed its strength against most major currencies and U.S. equities gained, dulling the appeal of the precious metal in the short term.
The major gold scrap commodities on the Scrap Register Price Index showed a down trend on Monday. The 9ct hallmarked gold scrap prices fell by 0.492% to $444.593 an ounce and 14ct hallmarked gold scrap prices dropped to $693.566 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $889.187 ounce and $1085.994 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $420.53 an ounce and 14ct non-hallmarked gold scrap prices fell to $656.027 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $841.061 an ounce and $1027.216 an ounce respectively.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange fell by $10.10 cents to $1,225.80 an ounce on Monday. Gold prices haven’t seen a one-day dollar or percentage decline this large since January 25.
Overall strength in the dollar and gains in the U.S. stock market reduced investor interest in the precious metal.