US Scrap Gold prices drop further in line with COMEX Gold

New York (July 17)  United States scrap gold prices dropped further on the Scrap Register Price Index as on Monday, tracking the weakness in gold futures prices at New York Mercantile Exchange as U.S. economic data did little to unseat expectations for higher interest rates over coming months—an outlook that has driven the greenback higher this year and helped to sink dollar-denominated gold.

 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 further on Monday.

 The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices down by 0.05 percent to 451.450 an ounce, 704.262 an ounce, 902.900 an ounce and 1102.742 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 427.016 an ounce, 666.145 ounce, 854.032 an ounce and 1043.058 an ounce respectively.

 The most active August gold contract on the COMEX division of the New York Mercantile Exchange declined by $1.50 to $1,239.70 an ounce on Monday.

 Prices based on the most-active contracts saw the lowest settlement since July 17, 2017. They also ended Friday at their lowest in about a year. The contract logged a 1.2% weekly decline last week, the fourth loss in five weeks.

 Yellow metal prices declined for a second straight session on Monday, failing at an earlier attempt to rebound to book another finish at their lowest in roughly a year.

ScraptRegister