US Scrap Gold prices gain 1.1%; Gold Futures rebound from five-month low


NEW YORK (Scrap Register): United States scrap gold prices gained on Tuesday, while gold futures prices at New York Mercantile Exchange rebounded from their lowest levels since June, as the surge in Treasury yields paused and a rally in the U.S. dollar calmed, prompting prices to post their first gain in seven sessions.

The major gold scrap commodities on the Scrap Register Price Index traded higher by 1.10 percent on Tuesday. The 9ct hallmarked gold scrap prices gained by 1.187 to $446.303 an ounce and 14ct hallmarked gold scrap prices advanced to $696.233 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also rose to $892.606 ounce and $1090.17 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices gained to $422.147 an ounce and 14ct non-hallmarked gold scrap prices rose to $658.55 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $844.295 an ounce and $1031.166 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange gained by $2.80 to $1,224.50 an ounce on Tuesday.

Gold settled lower for a sixth-straight session on Monday—at $1,221.70 an ounce, which was a more than a five-month low. Prices had tallied a loss of more than 6% during its six-session streak of declines.

(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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