US Scrap Gold prices may trade down this week

March 10, 2015 Posted by admin

UNITED STATES March 09 2015 1:34 PM
NEW YORK (Scrap Register):United States scrap gold prices are expected to trade down this week in line with spot and future gold prices as the futures market closed the previous week in negative territory.

The prices for hallmarked scrap gold and non-hallmarked scrap gold declined on Scrap Register Price Index on Monday.

As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $427.679 an ounce and 14ct Gold Scrap hallmarked traded down at $667.179 an ounce on Monday.

The prices of 9ct Gold Scrap non-hallmarked dropped to $404.531 an ounce and 14ct Gold Scrap non-hallmarked traded down at $631.069 an ounce.

In futures market, the question now on everyone’s mind is just how low gold prices will go next week, in what is a quiet week for US economic data. Most of precious metal analysts expect that markets will spend most of next week preparing for the Federal Reserve monetary policy meeting on March 18.

The most active April gold contract on the COMEX division of the New York Mercantile Exchange was last traded down by 2.6% to $1,164.30 an ounce on Friday. The gold ended the week at its lowest point since December 1, shedding 4% since Monday.

 

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Article source: http://www.metal.com/newscontent/70604_us-scrap-gold-prices-may-trade-down-this-week

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