US Scrap Gold prices continue to gain; Gold Futures up $3.50 an ounce

UNITED STATES May 15 2017 6:54 PM

NEW YORK (Scrap Register): United States scrap gold prices continued to gain on Friday in line with gold futures prices at New York Mercantile Exchange as the dollar drifted lower following slightly weaker-than-expected U.S. retail sales and inflation data.

The major gold scrap commodities on the Scrap Register Price Index gained on Friday. The 9ct hallmarked gold scrap prices advanced to $447.867 an ounce and 14ct hallmarked gold scrap prices rose to $698.673 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded higher at $895.734 ounce and $1093.99 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices climbed to $423.627 an ounce and 14ct non-hallmarked gold scrap prices gained to $660.858 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also advanced to $847.254 an ounce and $1034.779 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange advanced by $3.50 to end at $1,227.70 an ounce on Friday. It finished the week less than 0.1% higher after posting losses over the previous two weeks. 

Prices for the precious metal held on to earlier gains after U.S. data showed that sales at domestic retailers in April came in below market expectations and the core consumer-price index rose by a tamer-than-expected 0.1% last month.