US Gold Scrap prices decline; Gold Futures hit fresh 2018 low
NEW YORK (Scrap Register): United States scrap gold prices declined on the Scrap Register Price Index as on Wednesday, while gold futures prices at New York Mercantile Exchange marked a fresh low for 2018 as overall strength in dollar eroded appetite for the precious yellow metal.
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 0.153 percent to 463.490 an ounce, 723.045 an ounce, 926.980 an ounce and 1132.152 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 438.404 an ounce, 683.911 ounce, 876.809 an ounce and 1070.876 an ounce respectivelly.
The most active August gold contract on the COMEX division of the New York Mercantile Exchange fell by $4.10 to $1,274.50 an ounce on Wednesday. That was the lowest settlement for a most-active contract since Dec. 21.
A strengthening dollar weighs on commodities pegged to the monetary unit, because it makes those assets more expensive for buyers using other currencies. Rising bond yields can also dull the luster of gold, which offers no yield.