US Scrap Gold prices drop on strong Dollar

March 5, 2015 Posted by admin

UNITED STATES March 04 2015 12:40 PM
NEW YORK (Scrap Register): United States gold scrap prices recorded a drop on Tuesday in line with gold futures market as the dollar held close to 11-year highs, with investors awaiting US economic data and a European Central Bank meeting.

According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap dropped on Tuesday. The prices of 9ct Gold Scrap hallmarked dropped to $441.047 an ounce and 14ct Gold Scrap hallmarked traded down at $688.033 an ounce on Tuesday.

The prices of 9ct Gold Scrap non-hallmarked declined to $417.176 an ounce and 14ct Gold Scrap non-hallmarked traded down at $650.794 an ounce.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange was last trade down by $4.80 to $1,203.40 an ounce on Tuesday.

In gold future market, the key outside markets were in a mildly bullish posture for the precious metals on Tuesday, as the US dollar index was modestly weaker and crude oil prices were modestly higher. Such did somewhat limit downside price pressure on gold and silver markets.

 

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Article source: http://www.metal.com/newscontent/70459_us-scrap-gold-prices-drop-on-strong-dollar

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