US Gold Scrap prices fell; Gold Futures mark lowest settlement since mid-March

UNITED STATES May 10 2017 7:43 PM

NEW YORK (Scrap Register): United States gold scrap prices on the Scrap Register Price Index fell on Tuesday, while gold futures prices at New York Mercantile Exchange posted its lowest settlement since mid-March, as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal.

The major gold scrap commodities on the Scrap Register Price Index dropped on Tuesday. The 9ct hallmarked gold scrap prices declined by 0.764% to $443.92 an ounce and 14ct hallmarked gold scrap prices fell to $692.516 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $887.841 ounce and $1084.35 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dipped to $419.894 an ounce and 14ct non-hallmarked gold scrap prices lost to $655.034 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $839.788 an ounce and $1025.661 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange fell by another $11 to end at $1,216.10 an ounce on Tuesday, after settling with a meager gain on Monday. The settlement was the lowest in about eight weeks.