US Scrap Gold prices decline; Global tensions lift Gold Futures

UNITED STATES January 06 2016 7:02 PM     

NEW YORK (Scrap Register): United  States gold scrap prices declined on Tuesday, while gold futures prices at New  York Mercantile Exchange settled their highest level in about two weeks on  Tuesday, as uncertainty about China’s economy and tensions in the Middle East  lingered a day after a global stock-market rout.

The major gold scrap  commodities on the Scrap Register Price Index traded down on Tuesday. The 9ct  hallmarked gold scrap prices declined to $391.759 an ounce and 14ct hallmarked  gold scrap prices dropped to $611.144 an ounce. The 18ct hallmarked gold scrap  and 22ct hallmarked gold scrap prices also traded down at $783.517 ounce and  $956.936 an ounce respectively.

According to  Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices also  dropped to $370.555 an ounce and 14ct non-hallmarked gold scrap prices down to  $578.066 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct  non-hallmarked gold scrap prices are also traded higher at $741.111 an ounce and  $905.143 an ounce respectively.

However, the most active February gold  contract on the COMEX division of the New York Mercantile Exchange settled  higher by $3.20 an ounce to $1,078.40 an ounce on Tuesday.

Gold also  received another boost after data showed that manufacturing activity in the US  and China, both contracted last month, rekindling fears over the global growth  outlook.