Precious Metal Scrap Prices: Weekly Market Report (October 30- November 5, 2026)
Weekly Metal Price Report | 2026-11-06 06:39:13
The sharp decline in non-hallmarked platinum scrap prices was largely driven by a steep correction in international platinum benchmarks, amid sustained investment outflows, a stronger US dollar and expectations of higher interest rates.
By Paul Ploumis
SEATTLE (Scrap Monster): Prices of gold, silver and platinum scrap declined across both hallmarked and non-hallmarked categories in North America during the week ended November 5, 2026. The ScrapMonster Price Index showed a broad downward movement between October 30 and November 5, reflecting weekly losses across all three precious metals.
Hallmarked Precious Metals Market
The weekly decline in hallmarked precious metal scrap prices was largely driven by a correction in global bullion markets, particularly the October 30 sell-off in gold and silver. Strong US economic data, persistent inflation and expectations of tighter Federal Reserve monetary policy strengthened the dollar and pushed up bond yields, reducing investment demand for non-yielding precious metals.
Additional pressure came from investor liquidation, margin-call-related selling and weakening risk sentiment amid volatility in global equity markets. Platinum and silver also faced concerns over industrial demand, particularly from the automotive, manufacturing and jewellery sectors, while subdued physical buying in key Asian markets added to the downward pressure.
However, gold and other precious metals staged a significant recovery towards the end of the week, thus limiting the overall losses.
These factors collectively contributed to the modest weekly decline in precious metal scrap prices recorded on the ScrapMonster Price Index.
Scrap gold prices came under pressure across all major purity segments during the week, with losses varying by karat. The 14-carat category shed $2.38 per ounce, while 18-carat scrap gold registered a larger decline of $3.04 per ounce. The downward movement reflected the broader weakness in bullion valuations, compounded by subdued buying interest and relatively muted market activity.
The 22-carat segment also faced considerable pressure, with prices retreating by $3.71 per ounce compared with the previous week. The accompanying chart captures the weekly price movement in 22-carat hallmarked gold.
Lower-purity material followed a similar trend, as 9-carat scrap gold lost approximately $1.52 per ounce over the same period.
The weakness extended beyond gold to other precious metals. Platinum prices recorded a substantial weekly loss of $57.49 per ounce, equivalent to a 5.10% decline. Silver followed suit, slipping 3.31% week over week on the ScrapMonster Price Index, underscoring the broad-based weakness across the North American precious metals scrap market.
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Non-Hallmarked Precious Metals Market
Scrap gold prices retreated across major purity segments during the week, in line with softer bullion-market fundamentals. Fourteen-carat scrap prices decreased by $2.25 per ounce, while 18-carat and 22-carat grades recorded declines of $2.88 and $3.51 per ounce, respectively. Lower-purity 9-carat material also moved lower, registering a $1.44 per ounce (0.10%) week-on-week drop.
Platinum scrap emerged as the weakest performer, posting a 5.10% decline to settle at $1,070.86 per ounce by the close of the week, as indicated in the chart provided below.
Silver scrap prices recorded a sharp 3.32% weekly decline.
The sharp decline in non-hallmarked platinum scrap prices was largely driven by a steep correction in international platinum benchmarks, amid sustained investment outflows, a stronger US dollar and expectations of higher interest rates. Concerns over weaker automotive demand, subdued jewellery consumption and expectations of a global platinum surplus further dampened market sentiment, intensifying downward pressure on scrap valuations.
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Which precious metal is likely to face the greatest price pressure in the North American scrap market in the near term?
Frequently Asked Questions
- How did North American precious metal scrap prices perform during the week ended November 5, 2026?
North American gold, silver and platinum scrap prices declined across both hallmarked and non-hallmarked categories during the reporting week. The losses reflected weakness in international bullion markets, driven by a stronger US dollar, interest-rate concerns, investment liquidation and subdued physical buying. A recovery towards the end of the week helped moderate the overall declines.
- Which hallmarked gold purity category recorded the largest weekly price decline?
Hallmarked 22-carat scrap gold recorded the steepest decline, falling by $3.71 per ounce compared with the previous week. Eighteen-carat gold lost $3.04 per ounce, while 14-carat and 9-carat grades declined by $2.38 and $1.52 per ounce, respectively.
- How did non-hallmarked precious metal scrap prices perform during the reporting week?
Non-hallmarked gold scrap prices declined across all major purity grades. The 22-carat category fell by $3.51 per ounce, followed by 18-carat at $2.88 and 14-carat at $2.25 per ounce. Nine-carat gold declined by $1.44 per ounce, while platinum recorded a 5.10% drop to $1,070.86 per ounce. Silver scrap prices also declined by 3.32%.
