UNITED STATES May 04 2017 9:40 PM
NEW YORK (Scrap Register): United States gold scrap prices dropped on Wednesday, while gold futures prices at New York Mercantile Exchange marked its lowest level in about a month, then fell further in electronic trading as the U.S. dollar strengthened against currency rivals following the Federal Reserve’s monetary policy statement.
The major gold scrap commodities on the Scrap Register Price Index dropped on Wednesday. The 9ct hallmarked gold scrap prices declined by 0.410% to $454.797 an ounce and 14ct hallmarked gold scrap prices fell to $709.483 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $909.593 ounce and $1110.917 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dipped to $434.155 an ounce and 14ct non-hallmarked gold scrap prices lost to $671.083 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $860.363 an ounce and $1050.79 an ounce respectively.
The most active June gold contract on the COMEX division of the New York Mercantile Exchange fell by another $8.50 to end at $1,248.50 an ounce on Wednesday. The settlement was the lowest since April 5, when prices ended at that same level.
June gold was at $1,247.50 an ounce in electronic trading, just over a half-hour after the Fed news, but it had climbed above $1,250 in the immediate aftermath.