US Scrap Gold prices decline on Monday in line with Gold Futures

UNITED STATES May 12 2015 10:40 AM

NEW YORK (Scrap Register): United States scrap gold traded down on Monday in line with futures prices at New York Mercantile Exchange mainly on investors focused on the Greek financial crisis as Athens is due to pay back some big debt to the International Monetary Fund this week.

 

The major gold scrap commodities on the Scrap Register Price Index showed a negative trend on Monday. The 9ct hallmarked gold scrap prices dropped to $431.407 an ounce and 14ct hallmarked gold scrap prices down to $672.996 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices are also dropped to $862.815 an ounce and $1053.785 an ounce respectively.

 

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As per Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices declined to $408.058 an ounce and 14ct non-hallmarked gold scrap prices down at $636.571 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $ 816.116 an ounce and $996.75 an ounce respectively.

 

However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down down $4.80 an ounce at $1,184.10 an ounce on Monday.

 

The crucial Chinese stimulus failed to trigger any fresh buying over the weekend. Traders remain confused as to when the Federal Reserve intends to raise interest rates, with some betting on the summer and others thinking tightening is some way off. 

 

China slashed interest rates for the third time in six months over the weekend in a bid to boost lending to businesses, adding stimulus to a slowing economy. 

 

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