US Scrap Gold prices edge up; Gold Futures post 5% weekly loss


NEW YORK (Scrap Register): United States scrap gold prices edged up on Friday, while gold futures prices at New York Mercantile Exchange stretched their losing streak to a sixth straight session and posted a roughly 5% loss for the week—the largest such loss in about 3 years.

The major gold scrap commodities on the Scrap Register Price Index traded slightly higher on Friday. The 9ct hallmarked gold scrap prices slightly up by 0.34% to $457.87 an ounce and 14ct hallmarked gold scrap prices edged up to $714.278 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also up at $915.741 ounce and $1118.425 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices slightly advanced to $433.089 an ounce and 14ct non-hallmarked gold scrap prices up to $675.618 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly higher at $866.177 an ounce and $1057.891 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange fell by $1.10 to $1,251.90 an ounce on Friday, after tapping a high of $1,267.60. Prices held ground at their lowest level since early June.

Gold prices were volatile Friday, giving up early gains as traders looked to the latest monthly U.S. employment data for clues on the likelihood of a U.S. interest-rate increase before the end of the year.

(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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