[Au Price] US Scrap Gold prices decline as Gold Futures continue to stay below …

July 31, 2015 Posted by admin

UNITED STATES July 31 2015 12:01 PM

NEW YORK (Scrap Register): United States gold scrap prices declined on Thursday in line with gold futures prices at New York Mercantile Exchange. Gold futures prices hovered not far from a 5-1/2-year low early on Thursday after the Federal Reserve said the U.S. economy and job market continue to strengthen, supporting a possible interest rate rise when the Fed meets again in September.

The major gold scrap commodities on the Scrap Register Price Index traded lower on Monday. The 9ct hallmarked gold scrap prices rose to $395.578 an ounce and 14ct hallmarked gold scrap prices declined to $617.102 an ounce. The 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices also down at $791.156 ounce and $966.266 an ounce respectively.

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According to Scrap Register Price Index, the 9ct non-hallmarked gold scrap prices dropped to $374.168 an ounce and 14ct non-hallmarked gold scrap prices down to $583.702 an ounce on Monday. The 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices are also traded down to $748.336 an ounce and $913.968 an ounce respectively. 

However, the most active August gold contract on the COMEX division of the New York Mercantile Exchange last traded down by $3.90 at $1,089.40 an ounce on Thursday.

Gold futures prices at New York Mercantile Exchange settled down on Thursday as the dollar strengthened after a slightly dovish Federal Reserve statement failed to give gold any momentum. While recovery from day’s low seen as Rupee seen weakening further next month on the back of concerns that the US Fed will soon start raising interest rates. 

Economic activity in the U.S. increased less than expected in the second quarter, a Commerce Department report showed Thursday, with the report also indicating a notable upward revision to the data for the first quarter. 

Meanwhile, first-time claims for U.S. unemployment benefits rebounded in the week ended July 25, a report from the Labor Department revealed Thursday, with claims bouncing off the more than forty-year low set in the previous week.

(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/75989_au-price-us-scrap-gold-prices-decline-as-gold-futures-continue-to-stay-below-1000-an-ounce-mark

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