UNITED STATES September 22 2015 11:38 AM
NEW YORK (Scrap Register): United States gold scrap prices dropped on Monday in line with gold futures prices at New York Mercantile Exchange as the dollar rose and some investors adjusted their view on the path of U.S. interest rates.
The major gold scrap commodities on the Scrap Register Price Index traded down on Monday. The 9ct hallmarked gold scrap prices down to $412.22 an ounce and 14ct hallmarked gold scrap prices declined to $643.063 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $824.439 ounce and $1006.915 an ounce respectively.
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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $389.909 an ounce and 14ct non-hallmarked gold scrap prices down to $608.258 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $779.818 an ounce and $952.417 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled down by $5.50 to $1,132.30 an ounce on Monday.
Gold utures prices at New York Mercantile Exchange settled down as investors opted for more riskier equity assets with most global stock markets in the U.S. and Europe trending higher on the Fed's decision not to raise interest rates for the time being.
With the dollar gaining strength, gold futures found no support to push higher. The US Fed last Thursday decided to maintain its interest rates unchanged at near zero levels, on concerns over a global economic slowdown. However, indications were the Fed would likely opt for rate hike some time later this year, mostly in December.
In an interview with CNBC, St. Louis Fed President James Bullard said the central bank could raise rates next month but noted that many things can change from one meeting to the next.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)