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US Scrap Gold, Gold Futures prices plunge as Dollar rallies

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NEW YORK (Scrap Register): United States gold scrap prices plunged on the Scrap Register Price Index as on Tuesday, tracking the weakness in gold futures prices at New York Mercantile Exchange after upbeat U.S. economic data added to pressure from climbing rates in the benchmark 10-year Treasury, sending prices for the metal below the key $1,300 line to their lowest settlement of the year.

The major gold scrap commodities prices including 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap, 22ct hallmarked gold scrap, 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap on the Scrap Register Price Index fell on Tuesday.

The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices dropped by 0.33 percent to 471.056 an ounce, 734.848 an ounce, 942.112 an ounce and 1150.633 an ounce respectively.

The 9ct non-hallmarked gold scrap, 14ct non-hallmarked gold scrap, 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices declined to 445.561 an ounce, 695.075 an ounce, 891.122 an ounce and 1088.357 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange fell further by $27.90 to $1,290.30 an ounce on Tuesday. That was the lowest settlement for a most-active contract since late December and the largest one-day dollar and percentage loss since mid-December 2016.

The retreat for gold also pushes the commodity below its 200-day moving average at $1,307.80 for the first time since late December.

(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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