NEW YORK (Scrap Register): United States scrap gold prices declined on the Scrap Register Price Index as on Monday, while gold futures prices at New York Mercantile Exchange advanced significantly as declines in the US stock market and growing tensions between the U.S. and North Korea.
The major gold scrap commodities on the Scrap Register Price Index showed a down trend on Monday. The 9ct hallmarked gold scrap prices declined by 0.115 to $470.438 an ounce and 14ct hallmarked gold scrap prices declined to $733.883 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also fell to $952.734 ounce and $1149.123 an ounce respectively.
According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dipped to $444.976 an ounce and 14ct non-hallmarked gold scrap prices fell to $694.163 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $889.952 an ounce and $1086.928 an ounce respectively.
The most active December gold contract on the COMEX division of the New York Mercantile Exchange climbed by $14 to end at $1,311.50 an ounce on Monday. Prices, which lost about 2.1% last week, saw their highest finish since September 15.
Recent military tensions between North Korea and the U.S. and its allies have helped to underpin gold’s haven status as a hedge against a sudden escalation in geopolitical tension.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
