US Scrap Gold prices decline tracking the weakness in Gold Futures

UNITED STATES June 27 2017 6:14 PM

NEW YORK (Scrap Register): United States scrap gold prices declined on the Scrap Register Price Index as on Monday tracking the weakness in gold futures prices at New York Mercantile Exchange as gains in stocks and other assets perceived as risky lured investors away from the haven metal.

The major gold scrap commodities on the Scrap Register Price Index dropped on Monday. The 9ct hallmarked gold scrap prices dropped to $452.96 an ounce and 14ct hallmarked gold scrap prices down to $706.617 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $905.919 ounce and $1106.43 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices down to $428.44 an ounce and 14ct non-hallmarked gold scrap prices gained to $668.372 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $856.888 an ounce and $1046.545  an ounce respectively.

The most active August gold contract on the COMEX division of the New York Mercantile Exchange fell by $10 to end at $1,246.40 an ounce on Monday.

In electronic trading, prices saw a drop to around $1,242 from $1,255 an ounce in matter of minutes, according to charting from FactSet. Prices later touched a low of $1,236.50.

The Federal Reserve should wait on any further rate increases until it is clear inflation is reliably heading to the Fed's 2 percent target, St. Louis Fed President James Bullard said on Friday, highlighting the central bank's struggle over how to weigh a recent slip in the rate of price increases.