US Scrap Gold prices decline; Gold Futures finish higher


NEW YORK (Scrap Register): United States scrap gold prices declined on Wednesday, while gold futures prices at New York Mercantile Exchange finished higher as the U.S. dollar backed away from the session’s highs, giving the precious metal an opportunity to rebound after a four-session fall.

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The major gold scrap commodities on the Scrap Register Price Index showed a down trend on Wednesday. The 9ct hallmarked gold scrap prices fell by 0.516% to $445.376 an ounce and 14ct hallmarked gold scrap prices dropped to $694.786 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $890.751 ounce and $1087.904 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $421.27 an ounce and 14ct non-hallmarked gold scrap prices fell to $657.181 an ounce on Wednesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $842.54 an ounce and $1029.022 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange gained by $7.70 to $1,233.10 an ounce on Wednesday after tapping lows under $1,218. Prices had tallied a loss of more than 1% over the previous four trading sessions.

The gains for gold, however, looked vulnerable as U.S. equities climbed on the back of optimism surrounding the Trump administration’s plan to deliver tax reforms and bond yields strengthened in the wake of hawkish comments from Federal Reserve Chairwoman Janet Yellen on the nation’s interest-rate picture.

(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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