Gold Plunges 4.2% to Lowest Since March ’10 as Platinum Slides

PT. Equityworld Futures - Gold sank 4.2 percent to the lowest level in more than five years, dropping for a sixth day, on prospects for higher U.S. interest rates and after China said it held less metal in reserves than some analysts expected. Platinum extended its decline to the lowest since 2009.

Bullion for immediate delivery fell as low as $1,086.18 an ounce, the lowest price since March 2010, and traded at $1,099.09 at 9:42 a.m. in Singapore. Prices sank 2.5 percent last week, the most since March.

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Gold Stalls as Investors Shift Focus to Timing of U.S. Rate Bump

PT. Equityworld Futures - Gold traders were hesitant to act before testimony this week from Janet Yellen that may provide more details on the timing of increases for U.S. interest rates.
The metal settled little changed in New York, while silver and platinum dropped. Federal Reserve Chair Yellen, who last week maintained her call for a rate boost this year, will deliver her congressional testimony starting Wednesday.
Gold futures for August delivery fell 0.2 percent to $1,153.50 an ounce at 1:49 p.m. on the Comex in New York, dropping for the fourth straight session.
Investors increased global holdings in exchange-traded products backed by gold for the first time in four sessions, data compiled by Bloomberg show. On Monday, assets rose 1.7 metric tons to 1,586.9 tons, which is still close to the lowest since 2009.
Silver futures for September delivery dropped 0.9 percent to $15.315 an ounce on the Comex.
Platinum futures for October delivery declined 0.7 percent to $1,028.40 an ounce on the New York Mercantile Exchange.
Palladium futures for September delivery fell 0.3 percent to $657.10 an ounce.
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Gold Drop a Third Day on Greece Bailout Deal, Fed Rate Outlook

PT. Equityworld Futures - Gold fell for a third straight session after Greece secured a deal paving the way to a new bailout and as investors weighed the timing of a U.S. interest-rate increase.
Gold futures for delivery in August fell 0.2 percent to settle at $1,155.40 an ounce at 2:04 p.m. on the Comex in New York.
The Bloomberg Dollar Spot Index, a gauge of the greenback’s strength against 10 major currencies, climbed as much as 0.7 percent, reducing the allure of bullion as an alternative asset.
Holdings in exchange-traded products backed by gold slipped for a third session on Friday, declining 1.3 metric tons to 1,585.3 tons, near the lowest since 2009.
Silver futures for September delivery fell 0.2 percent to $15.457 an ounce, the first drop in four sessions.
Platinum futures for October delivery added 0.4 percent $1,036 an ounce on the New York Mercantile Exchange. Palladium futures for September delivery climbed 1.3 percent to $658.95 an ounce.
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Hong Kong Stocks Open 0.77 % Lower

PT. Equityworld Futures - Shares in Hong Kong slipped 0.77 percent in the first few minutes Monday after surging almost six percent at the end of last week as investors await the resumption of trade in Shanghai, which is witnessing severe volatility.
The Hang Seng Index eased 191.70 points to 24,709.58.
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