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US Gold Scrap prices climb; Gold Futures mark best finish since Nov 17

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NEW YORK (Scrap Register): United States scrap gold prices climbed one percent on Monday, while gold futures prices at New York Mercantile Exchange marked best finish since November 17 last year on the back of a decline in the US dollar and uncertainty for trade and economic growth at the start of Donald Trump’s presidency.

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The major gold scrap commodities on the Scrap Register Price Index traded higher on Monday. The 9ct hallmarked gold scrap prices gained by 1.024% to $441.174 an ounce and 14ct hallmarked gold scrap prices climbed to $688.232 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also gained at $882.348 ounce and $1077.641 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices up to $417.296 an ounce and 14ct non-hallmarked gold scrap prices higher at $650.982 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded higher at $834.592 an ounce and $1019.316 an ounce respectively.

The most active February gold contract on the COMEX division of the New York Mercantile Exchange rose by $10.70 to $1,215.60 an ounce on Monday.

In addition to its haven status, gold tends to move inversely to the dollar because a stronger greenback can make commodities pegged to the buck, including metals, more expensive to buyers using 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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