Gold Futures mark first monthly loss since October
New York (Mar 1) United States gold scrap prices fell on the Scrap Register Price Index as on Wednesday, while gold futures prices at New York Mercantile Exchange last minute turn lower, contributing to the metal’s first monthly loss since October, even as the U.S. dollar made a less-than-impressive move higher.
The major gold scrap commodities prices including 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap, 22ct hallmarked gold scrap, 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap on the Scrap Register Price Index showed a down trend on Wednesday.
The 9ct hallmarked gold scrap, 14ct hallmarked gold scrap, 18ct hallmarked gold scrap and 22ct hallmarked gold scrap prices down by 0.596% to 479.368 an ounce, 747.814 an ounce, 958.736 an ounce and 1170.936 an ounce respectively.
The 9ct non-hallmarked gold scrap, 14ct non-hallmarked gold scrap, 18ct non-hallmarked gold scrap and 22ct non-hallmarked gold scrap prices declined to 453.423 an ounce, 707.34 an ounce, 906.846 an ounce and 1107.561 an ounce respectively.
The most active April gold contract on the COMEX division of the New York Mercantile Exchange settled down by 70 cents to $1,317.90 an ounce, turning lower right before the session’s end, after spending much of the day trading modestly higher.
Prices, which marked their lowest finish since February 9, lost roughly 1.8% for the month of February.
Federal Reserve Chairman Jerome Powell, on his first day of congressional testimony Tuesday, “sounded a more hawkish tone on U.S. monetary policy,” said Jim Wyckoff, senior analyst at Kitco.com.
“Powell intimated there could be four small U.S. rate hikes this year, beginning in March. His comments pressured the metals markets, U.S. Treasuries and the stock market, while supporting the U.S. dollar index.”
ScrapRegister
