United States gold scrap prices traded up on Monday, while futures and spot prices recorded a down trend mainly on firmer US dollar and technical selling.
According to Scrap Register Price Index, the prices for hallmarked and non-hallmarked gold scrap advanced on Monday. The prices of 9ct Gold Scrap hallmarked advanced to $441.592 an ounce and 14ct Gold Scrap hallmarked traded up at $651.884 an ounce on Monday.
The prices of 9ct Gold Scrap non-hallmarked rose to $417.692 an ounce and 14ct Gold Scrap non-hallmarked traded up at $651.599 an ounce.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange was last trade down $5 to $ 1,208.10 an ounce on Monday.
In future market, gold saw some buying interest overnight after the weekend news that China eased its monetary policy by reducing interest rates. The People’s Bank of China’s surprise move saw the one-year loan rate and the one-year deposit rate both reduced by 0.25%--to 5.35% and 2.5%, respectively.
The central bank said the move was due to increasing deflationary price pressures. This news is bullish for the raw commodity sector as China is a major raw commodity importer.
(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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