US Scrap Gold prices stay below $1,000 an ounce; Gold Futures slip

UNITED STATES September 09 2015 10:20 AM

NEW YORK (Scrap Register): United States gold scrap prices advanced on Tuesday, while gold futures prices at New York Mercantile Exchange settled lower as investors turned their attention to a rally in the US stock market ahead of the Federal Reserve’s monetary-policy meeting next week.

The major gold scrap commodities on the Scrap Register Price Index advanced on Monday. The 9ct hallmarked gold scrap prices rose to $407.709 an ounce and 14ct hallmarked gold scrap prices advanced to $636.026 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $815.418 ounce and $995.898 an ounce respectively. The 22ct hallmarked gold scrap prices continued to stay below $1,000 an ounce.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices rose to $385.642 an ounce and 14ct non-hallmarked gold scrap prices up to $601.602 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $771.285 an ounce and $941.996 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange edged down by 40 cents to settle at $1,121 an ounce on Tuesday, after trading between a low of $1,114.70 an ounce and a high of $1,126 an ounce.

Gold futures prices at New York Mercantile Exchange settled down as the dollar trended lower. Drop seen after strong performances in global equity markets also impacted gold. China's Shanghai Composite Index jumped 2.9 percent, after a slew of support measures by Beijing. 

The measures included tax exemption on dividends and a move to introduce a market-wide circuit breaker system to stabilize the market also helped investors shrug off weak data underlying weakness in the world's second-largest economy. 

Investors also weighed some disappointing economic data, as China revised its GDP growth rate for 2015 downward from 7.4 percent to 7.3 percent.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)