US Gold Scrap prices slump tracking weakness from Gold Futures

UNITED STATES March 09 2017 7:06 PM

NEW YORK (Scrap Register): United States scrap gold prices slumped on Wednesday, while gold futures prices at New York Mercantile Exchange extended their decline to a seventh consecutive session and sending the yellow metal to its lowest finish since the start of February, after data showed a jump in private-sector job creation last month.

The major gold scrap commodities on the Scrap Register Price Index fell on Wednesday. The 9ct hallmarked gold scrap prices fell by 0.612% to $439.847 an ounce and 14ct hallmarked gold scrap prices dropped to $686.161 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $879.693 ounce and $1074.398 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $416.04 an ounce and 14ct non-hallmarked gold scrap prices fell to $649.023 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $832.081 an ounce and $1016.248 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange fell by $6.70 to $1,209.40 an ounce on Wednesday, the lowest settlement for futures prices since February 01.

Payrolls-processor ADP said the U.S. added 298,000 private-sector jobs in February, the most since April 2014. Analysts view the employment data as a guide to the Labor Department’s monthly jobs report, set for release Friday.