US Scrap Gold prices fall as China-US trade war intensifies
NEW YORK (Scrap Register): United States scrap gold prices dropped on the Scrap Register Price Index as on Wednesday, in line with gold futures prices at New York Mercantile Exchange as trade tensions between the U.S. and China intensified, raising concerns over demand for industrial metals and sending copper prices to their lowest finish in almost a 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 dropped on Wednesday.
The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices down by 0.21 percent to 455.197 an ounce, 710.107 an ounce, 910.394 an ounce and 1111.894 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 430.560 an ounce, 671.673 ounce, 861.360 an ounce and 1051.714 an ounce respectively.
The most active August gold contract on the COMEX division of the New York Mercantile Exchange down by $11 to $1,244.40 an ounce on Wednesday, the lowest since July 2 for a most-active contract.
Gold has mostly been in a downtrend that has caused investors and technical analysts to maintain a bearish outlook for the asset that should ordinarily prosper during times of uncertainty, including around the trade disputes between the U.S. and its partners across the globe.