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US Scrap Gold prices drop; Gold Futures slightly up

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NEW YORK (Scrap Register): United States gold scrap prices declined on Monday, while gold futures prices at New York Mercantile Exchange advanced for the second day in a raw as traders continued to mull the impact of last week’s disappointing monthly U.S. jobs report and the likelihood that the Federal Reserve will continue to delay a hike in 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 $414.584 an ounce and 14ct hallmarked gold scrap prices declined to $646.751 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $829.168 ounce and $1012.691 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $392.145 an ounce and 14ct non-hallmarked gold scrap prices down to $611.747 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $784.29 an ounce and $957.88 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange settled slightly up by $0.20 at $1,136.80 an ounce on Monday.

Gold futures prices at New York Mercantile Exchange settled slightly up as investors bet last week's sluggish U.S. nonfarm payrolls data would deter the Fed from hiking rates this year.

It is still largely holding on to Friday's 2.2 percent jump, the biggest one-day rise since January 15 following data that showed U.S. employers slammed the brakes on hiring over the last two months. Nonfarm payrolls rose by only 142,000 last month, below economist expectations of 203,000.

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

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