UNITED STATES July 12 2017 7:14 PM

NEW YORK (Scrap Register): United States scrap gold prices continued to drop on the Scrap Register Price Index as on Tuesday, while gold futures prices at New York Mercantile Exchange gained, getting a boost from political uncertainty in the U.S., as investors awaited Federal Reserve Janet Yellen’s testimony to Congress this week for cues on the timing of expected interest-rate hikes.

The major gold scrap commodities on the Scrap Register Price Index declined on Tuesday. The 9ct hallmarked gold scrap prices dropped to $440.519 an ounce and 14ct hallmarked gold scrap prices down to $687.21 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $881.039 ounce and $1076.042 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices down to $416.677 an ounce and 14ct non-hallmarked gold scrap prices gained to $650.016 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $833.354 an ounce and $1017.803 an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange gained by $1.50 to end at $1,214.70 an ounce on Tuesday.

Yellow metal prices for the metal had seen a 0.3% rise Monday after a solid U.S. jobs report issued late last week contributed to a drop in prices to their lowest level in about four months.