NEW YORK (Scrap Register): Scrap Register expects United States scrap gold prices is likely to trade higher this week as futures prices have managed to hold above $1,200 an ounce last week.
US scrap gold and futures gold prices ended slightly down last week. Despite a lower weekly close, most analysts are bullish on the yellow metal in the near term.
With little economic data to be released this week, commodity analysts said they expect the US dollar to be the biggest factor in gold’s direction this week.
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As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $438.082 an ounce and 14ct Gold Scrap hallmarked traded down at $683.408 an ounce on Friday.
The prices of 9ct Gold Scrap non-hallmarked dropped to $414.372 an ounce on Friday and 14ct Gold Scrap non-hallmarked traded down at $646.42 an ounce.
The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled down at $1,203.10 an ounce, down 0.3% on the week, on Friday.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
