US Scrap Gold prices drop 1.29%; Gold Futures mark lowest finish since Feb


NEW YORK (Scrap Register): United States scrap gold prices dropped on Friday, while gold futures prices at New York Mercantile Exchange fell to its lowest finish since February.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Friday. The 9ct hallmarked gold scrap prices declined by 1.29 percent to $440.501 an ounce and 14ct hallmarked gold scrap prices traded lower to $687.182 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $881.002 ounce and $1075.998 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices fell to $416.66 an ounce and 14ct non-hallmarked gold scrap prices down to $649.989 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded slightly lower at $833.319 an ounce and $1017.761 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange fell by $8.20 to $1,208.70 an ounce on Friday, ending about 1.3% lower for the week. The settlement was the lowest since mid-February.

Gold futures prices at New York Mercantile Exchange declined to nine-month low on Friday as strength in the U.S. dollar and growing expectations that the Federal Reserve will announce an interest-rate increase at its meeting in December pulled prices for the metal down for a second consecutive week.

(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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