United States scrap gold prices continued to decline on Wednesday, while gold futures prices at New York Mercantile Exchange settled up due to the fresh concerns over financial problems facing Greece.
As per Scrap Register Price Index, the prices of 9ct Gold Scrap hallmarked declined to $434.59 an ounce and 14ct Gold Scrap hallmarked traded down at $677.961 an ounce on Wednesday.
The prices of 9ct Gold Scrap non-hallmarked declined to $411.069 an ounce on Wednesday and 14ct Gold Scrap non-hallmarked traded down at $641.267 an ounce.
The most active June gold contract on the COMEX division of the New York Mercantile Exchange settled up $4.20 an ounce at $1,196.82 on Wednesday.
Some weaker than expected US economic data released Wednesday morning prompted some short-covering and bargain hunting buying interest in gold.
However, Gold futures prices are down nearly 8% from their January closing high, weighed down by expectations that the Federal Reserve will raise interest rates this year. Gold becomes a less attractive option to investors when interest rates increase.
(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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