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US Scrap Gold prices fall in line with Gold Futures

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NEW YORK (Scrap Register): United States scrap gold prices fell on the Scrap Register Price Index as on Tuesday tracking the weakness in gold futures prices at New York Mercantile Exchange as a prevailing tide of investors continued to take their chances on further upside in equities, snubbing haven assets.

The major gold scrap commodities on the Scrap Register Price Index declined on Tuesday. The 9ct hallmarked gold scrap prices fell by 0.204 to $482.514 an ounce and 14ct hallmarked gold scrap prices droped to $752.722 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also traded lower at $965.029 ounce and $1178.622 an ounce respectively.

According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dipped to $456.399 an ounce and 14ct non-hallmarked gold scrap prices declined to $711.982 an ounce on Tuesday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded lower to $912.798 an ounce and $1114.83 an ounce respectively.

The most active December gold contract on the COMEX division of the New York Mercantile Exchange fell by $3 to end at $1,332.70 an ounce on Tuesday, holding ground at their lowest finish since September 01.

Gold has gained 1.6% last week, chiefly driven by concerns that North Korea was preparing to conduct another missile test over the weekend to mark the country’s Foundation Day.

The weekend passed without a test. And new sanctions against North Korea agreed by the UN Security Council Monday were not as wide-ranging as the U.S. had originally demanded.

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