UNITED STATES April 22 2015 10:22 AM
NEW YORK (Scrap Register): United States scrap gold prices dropped on Tuesday, while gold futures prices at New York Mercantile, recouping most of the previous session’s losses in choppy, currency-driven trade after the U.S. dollar turned lower and bolstered bullion’s appeal.
As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked dropped to $435.227 an ounce and 14ct Gold Scrap hallmarked traded down at $678.954 an ounce on Tuesday.
The prices of 9ct Gold Scrap non-hallmarked declined to $411.671 an ounce on Tuesday and 14ct Gold Scrap non-hallmarked traded down at $642.206 an ounce.
However, the most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $8.30 at $1,202 an ounce on Tuesday.
Greece remains a significant concern to the yellow metal market place this week. Greek and International Monetary Fund/European Union officials debt restructuring talks continue but reports say not much progress is being made.
Reports Monday said the Greek government ordered all state entities to move their cash reserves to the Greek central bank. This is a sign of a cash crunch in Greece.
Greek bond yields have risen sharply recently and hit new record highs Tuesday, due to the doubts about Greece being able to pay its debts without serious economic reforms. The Greece-EU debt impasse is becoming a distress on world markets, but not yet a serious one.
There are growing concerns in the market place that Greece will at some point default on its EU debt obligations. This matter will likely get worse before it gets better, in the eyes of traders and investors worldwide.