US Scrap Gold prices fall; Gold Futures drop to below $1,300 an ounce
NEW YORK (Scrap Register): United States scrap gold prices fell on the Scrap Register Price Index as on Tuesday, in line with gold futures prices at New York Mercantile Exchange mainly due to an agreement between the U.S. and North Korea aimed at denuclearizing the Korean Peninsula muted demand for the haven metal, ahead of an expected interest-rate hike by the Federal Reserve.
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 declined on Tuesday.
The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices dropped by 0.74 percent to 472.384 an ounce, 736.919 an ounce, 944.768 an ounce and 1153.876 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 fell to 446.817 an ounce, 697.034 ounce, 893.634 an ounce and 1091.424 an ounce respectivelly.
The most active August gold contract on the COMEX division of the New York Mercantile Exchange down by $3.80 to $1,299.40 an ounce on Tuesday, after touching a high of $1,305 during the day.
The move came as a report showed U.S. consumer inflation is trending higher, a signal that markets believe will push the Federal Reserve into raising interest rates this week and possibly again later this year.