By Vibin Antony
United States scrap gold prices dropped further on Wednesday in line with COMEX gold prices, pressured by a firmer dollar index and solidly lower crude oil prices.
According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap declined on Wednesday followed by the yellow metal's down-trend in future market on Tuesday.
The most active February gold contract on the COMEX division of the New York Mercantile Exchange was last traded down $10.30 at $1,231.30 an ounce on Tuesday.
Crude oil prices were sharply lower on Tuesday following a recent short-covering bounce. The other key outside market saw the U.S. dollar index higher Tuesday. There are no early technical clues the dollar index has put in a market top and the greenback bulls remain very strong.
US Spot prices are however down nearly 4 percent so far this month as the strong dollar and expectations of an interest rate rise in the United States weighed on investor sentiment.
As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $449.049 an ounce and 14ct Gold Scrap hallmarked traded down at $700.517 an ounce on Wednesday.
The prices of 9ct Gold Scrap non-hallmarked gained to $424.745 an ounce and 14ct Gold Scrap non-hallmarked traded down at $662.602 an ounce.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
United States scrap gold prices dropped further on Wednesday in line with COMEX gold prices, pressured by a firmer dollar index and solidly lower crude oil prices.
According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap declined on Wednesday followed by the yellow metal's down-trend in future market on Tuesday.
The most active February gold contract on the COMEX division of the New York Mercantile Exchange was last traded down $10.30 at $1,231.30 an ounce on Tuesday.
Crude oil prices were sharply lower on Tuesday following a recent short-covering bounce. The other key outside market saw the U.S. dollar index higher Tuesday. There are no early technical clues the dollar index has put in a market top and the greenback bulls remain very strong.
US Spot prices are however down nearly 4 percent so far this month as the strong dollar and expectations of an interest rate rise in the United States weighed on investor sentiment.
As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $449.049 an ounce and 14ct Gold Scrap hallmarked traded down at $700.517 an ounce on Wednesday.
The prices of 9ct Gold Scrap non-hallmarked gained to $424.745 an ounce and 14ct Gold Scrap non-hallmarked traded down at $662.602 an ounce.
(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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