Gold Fall as Goldman Sachs Says Prices May Drop Below $1,000

PT. Equityworld Futures - Gold fell, trading near a five-year low, as Goldman Sachs Group Inc. said rising U.S. interest rates may lead to deeper losses.
A government report Monday showed American households kept spending in June, capping a stronger quarter for the biggest part of the economy, as incomes rose. The Federal Reserve signaled last week that it will probably raise rates this year as the labor market improves. Goldman in a report Monday reiterated that gold may fall below $1,000 an ounce, or more than 8 percent below Monday’s closing futures price.
Gold tumbled to a five-year low in July as Fed Chair Janet Yellen said the central bank is on track for raising rates for the first time since 2006, curbing the appeal of gold because it doesn’t pay interest like assets such as equities. The Bloomberg Dollar Spot Index gained in July by the most since March, reducing demand for bullion as an alternative asset. Money managers stayed net-short on bullion for a second week as of July 28, government data showed Friday.
Gold futures for December delivery declined 0.5 percent to settle at $1,089.40 an ounce at 1:44 p.m. on the Comex in New York, falling for a fourth day in five sessions. The metal fell to $1,073.70 on July 24, the lowest since February 2010.
Silver futures for September delivery dropped 1.6 percent to $14.515 an ounce on the Comex, the biggest loss since July 15.
Platinum futures for October delivery slid 1.8 percent to $967.10 an ounce on the New York Mercantile Exchange, the largest drop since July 7. Palladium futures for September delivery declined 1.3 percent to $603.20 an ounce.
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ECB Approves Greek Proposals for Market Reopening, Official Says

PT. Equityworld Futures - The European Central Bank has given approval to Greece’s proposals for the reopening of the country’s financial markets, a spokeswoman for the Athens Stock Exchange said today in a telephone call.
The timing of the reopening will be decided by Greece’s finance ministry, in a decree that will also decide any trade restrictions and ground rules for trading, said the spokeswoman, who asked not to be named in line with policy.
Spokesmen for the Bank of Greece, the ECB and the Greek finance ministry weren’t immediately available for comment. Trading on the Athens Stock Exchange has been suspended since June 29, following the introduction of capital controls in Greece.
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HSBC lowers 2015, 2016 gold price forecasts

PT. Equityworld Futures - HSBC lowered its average gold price forecasts for 2015 and 2016 on Monday to reflect the dramatic recent fall of the yellow metal and said it could touch within striking distance of $1,000 per ounce before recovering.
The bank lowered its 2015 average gold price to $1,160 per ounce and $1,205 for 2016 from $1,234 and $1,275 per ounce earlier, respectively. However, it kept its long term price forecasts of $1,325 per ounce unchanged.
"In the short term we would not be surprise ..
surprised to see gold lower. However, we are expecting a bounce by year end to $1,205 per ounce and are then expecting the price to travel largely sideways next year hitting $1,255 per ounce by year-end," HSBC said in a note.
Gold lost ground on Monday, moving closer to last week's 5-1/2 year lows below $1,100 per ounce, with expectations for a near-term U.S. interest rate hike seen keeping momentum firmly with the bears.
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U.S. Stocks Fluctuate as Facebook Pares Decline, Mondelez Gains

PT. Equityworld Futures - U.S. stocks fluctuated as Facebook Inc. pared earlier losses and a rally in Mondelez International Inc. helped offset Procter & Gamble Co.’s decline after results disappointed.
Facebook dropped 2.9 percent, and earlier more than 5 percent, after second-quarter spending jumped 82 percent. P&G retreated 3.5 percent after forecasting sluggish sales and profit growth. Whole Foods Market Inc. tumbled 11 percent after cutting its sales forecast. Modelez added 5 percent as quarterly profits beat estimates, and Western Digital Corp. jumped 10 percent.
The Standard & Poor’s 500 Index slipped 0.1 percent to 2,105.90 at 12:14 p.m. in New York, after falling as much as 0.6 percent. The gauge rebounded above its average prices during the past 50 and 100 days. The Dow Jones Industrial Average lost 16.83 points, or 0.1 percent, to 17,734.56. The Nasdaq Composite Index gained 0.1 percent.
A report today showed gross domestic product rose at a 2.3 percent annualized rate, and a revised 0.6 percent advance in the first quarter wiped out a previously reported contraction. Consumer spending grew more than projected. Separate data showed applications for unemployment benefits rose last week after reaching a four-decade low, consistent with a stronger labor market.
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