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US Scrap Gold prices drop further; Gold Futures bounce back after Tuesday selling

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NEW YORK (Scrap Register): United States gold scrap prices dropped further on the Scrap Register Price Index as on Wednesday, while gold futures prices at New York Mercantile Exchange settled higher, a day after the metal got pummeled below $1,300 an ounce to post its lowest settlement of the year on the back of a jolt higher by U.S. government bond yields and a resurgent dollar.

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 dropped on Wednesday.

The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices fell by 0.33 percent to 469.692 an ounce, 732.720 an ounce, 939.384 an ounce and 1147.301 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 dropped to 444.271 an ounce, 693.062 an ounce, 888.541 an ounce and 1085.205 an ounce respectively.

The most active June gold contract on the COMEX division of the New York Mercantile Exchange gained by $1.20 to $1,291.50 an ounce on Wednesday.

On Tuesday, gold dropped by more than 2% to $1,290.30, the lowest settlement for a most-active contract since late December.

Tuesday’s brisk retreat for the yellow metal also pushed it below its 200-day moving average, which stood 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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