[Au Price] Gold Futures hit lowest since April 2010; US Scrap Gold drops further

July 21, 2015 Posted by admin

UNITED STATES July 20 2015 4:04 PM

NEW YORK (Scrap Register): United States gold scrap prices continued to fell on Friday in line with gold futures prices at New York Mercantile Exchange. Gold futures prices at New York Mercantile Exchange hit a five-year low last Friday, the fourth successive week of a bearish close, following positive economic outlook forecast by the United States Federal Reserve.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Friday. The 9ct hallmarked gold scrap prices rose to $412.056 an ounce and 14ct hallmarked gold scrap prices declined to $642.807 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $824.112 ounce and $1006.515 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $389.754 an ounce and 14ct non-hallmarked gold scrap prices down to $608.016 an ounce on Friday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $779.508  an ounce and $952.039 an ounce respectively.

However, gold futures for August delivery dropped 1 percent to settle at $1,131.90 an ounce at 1:49 p.m. on the Comex in New York, after touching $1,129.60, the lowest since April 2010.

Gold futures prices at New York Mercantile Exchange settled down pressured by a strong dollar and expectations for a U.S. rate hike this year, and as China bought less than expected over the past six years. China’s gold reserves stood at 1,658 tons at the end of June, the central bank said, up 57 percent from the last time it adjusted its reserve figures more than six years ago. 

Despite the tonnage increase, gold now accounts for 1.65 percent of China’s total forex reserves, against 1.8 percent in June 2009. The reduced ratio suggested China will increase its bullion purchases, but the market focused elsewhere. 

On the economic front, a Labor Department report on Friday showed U.S. consumer price index climbed by 0.3 percent in June following a 0.4 percent increase in May, in line with estimates.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

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Article source: http://www.metal.com/newscontent/75532_au-price-gold-futures-hit-lowest-since-april-2010-us-scrap-gold-drops-further

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