US Scrap Gold prices slightly down; Gold Futures fall as dollar firm


NEW YORK (Scrap Register): United States scrap gold prices down on Tuesday, while gold futures prices at New York Mercantile Exchange logged their seventh drop in eight sessions Tuesday as the dollar saw firm gains on the back of Brexit-inspired losses in the British pound.

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The major gold scrap commodities on the Scrap Register Price Index traded slightly lower on Tuesday. The 9ct hallmarked gold scrap prices slightly down by 0.48% to $455.942 an ounce and 14ct hallmarked gold scrap prices edged down to $711.27 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also fell at $911.885 ounce and $1113.715 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices slightly fall to $431.265 an ounce and 14ct non-hallmarked gold scrap prices down to $672.774 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $862.53  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 $4.50 to $1,255.90 an ounce on Tuesday. A stronger dollar often can weigh on dollar-denominated commodities as they become more expensive for holders of other monetary units.

(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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