By Vibin Antony
United States scrap gold prices are expected to drop this week in line with spot and future gold prices as the futures market closed the previous week in negative territory.
As per Scrap Register Price Index, the prices for hallmarked scrap gold and non-hallmarked scrap gold reported an increase on Friday.
The prices of 9ct gold scrap hallmarked advanced to $ 439.956 an ounce and 14ct gold scrap hallmarked last traded up at $675.887 an ounce on Scrap Register Price Index on Friday. The prices of 9ct gold scrap non-hallmarked gained to $416.144 an ounce and 14ct gold scrap non-hallmarked closed at $649.184 an ounce.
The last-minute reports of a potential agreement between Greece and its European creditors caused future gold prices to end in negative territory for the fifth consecutive week. Gold prices could see some more pressure in the near-term.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled the week at $ 1,204.90 an ounce, down $ 22.60 or 1.84% on the week.
One risk for the gold market this week week will be the lack of demand from China, which has been an important pillar of support for the gold market. However, there is potential for gold to hold around the $1,200 level.
(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 are expected to drop this week in line with spot and future gold prices as the futures market closed the previous week in negative territory.
As per Scrap Register Price Index, the prices for hallmarked scrap gold and non-hallmarked scrap gold reported an increase on Friday.
The prices of 9ct gold scrap hallmarked advanced to $ 439.956 an ounce and 14ct gold scrap hallmarked last traded up at $675.887 an ounce on Scrap Register Price Index on Friday. The prices of 9ct gold scrap non-hallmarked gained to $416.144 an ounce and 14ct gold scrap non-hallmarked closed at $649.184 an ounce.
The last-minute reports of a potential agreement between Greece and its European creditors caused future gold prices to end in negative territory for the fifth consecutive week. Gold prices could see some more pressure in the near-term.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled the week at $ 1,204.90 an ounce, down $ 22.60 or 1.84% on the week.
One risk for the gold market this week week will be the lack of demand from China, which has been an important pillar of support for the gold market. However, there is potential for gold to hold around the $1,200 level.
(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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