US Scrap Gold prices up; Gold Futures settle down on strong Dollar

UNITED STATES May 13 2016 5:31 PM

NEW YORK (Scrap Register): United States scrap gold prices up on Thursday, while gold futures prices at New York Mercantile Exchange settled lower on the heels of renewed strength in the US dollar.

The major gold scrap commodities on the Scrap Register Price Index traded up on Thursday. The 9ct hallmarked gold scrap prices gained to $465.327 an ounce and 14ct hallmarked gold scrap prices increased to $725.91 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also up at $930.654 ounce and $1136.639 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices advanced to $440.142 an ounce and 14ct non-hallmarked gold scrap prices up to $686.621 an ounce on Thursday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $880.284 an ounce and $1075.12 an ounce respectively. 

The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled lower by $4.30 to $1,271.20 an ounce on Thursday after tapping highs above $1,280 as well as lows under $1,267 an ounce.

Data released Thursday showed a spike in first-quarter demand for gold, but recent strength in the greenback leaves the metal down 1.8% week to date.

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