US Scrap Gold prices down; Gold Futures settle lower at $1,202.60 an ounce


NEW YORK (Scrap Register): United States scrap gold prices slightly down on Tuesday, while gold futures prices at New York Mercantile Exchange settled lower settled with a minor loss, a day after posting their first climb in 10 sessions, ahead of a widely-expected Federal Reserve interest-rate hike this week.

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The major gold scrap commodities on the Scrap Register Price Index dropped on Tuesday. The 9ct hallmarked gold scrap prices down by 0.033% to $438.173 an ounce and 14ct hallmarked gold scrap prices dropped to $683.55 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $876.346 ounce and $1070.311 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $414.458 an ounce and 14ct non-hallmarked gold scrap prices fell to $646.554 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also declined to $828.915 an ounce and $1012.382 an ounce respectively.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange fell 50 cents to $1,202.60 an ounce on Tuesday after tapping a low of $1,200.10 an ounce. The contract ended at $1,201.40 an ounce last week—the lowest finish since January 30.

The expectations for the increase have already rallied the dollar and depressed the yellow metals prices, which suffered from a nine-session decline to their lowest level since late January, before Monday’s modest rise.

(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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