Gold Holds Near One-Week High as U.S. Rate Rise Seen Priced In

PT. Equityworld Futures - Gold held near a one-week high on speculation that investors have factored in a U.S. interest-rate increase, which may happen as early as next month.
Bullion for immediate delivery added 0.1 percent to $1,095.40 an ounce by 10:35 a.m. in London, according to Bloomberg generic pricing. It reached $1,099.63 on Friday, the highest since July 31. Futures for December delivery were little changed at $1,094.50 on the Comex.
The metal declined Friday as U.S. equities and a gauge of the dollar’s strength fell. U.S. employers added 215,000 jobs in July, while payroll gains in the previous two months were revised up, the Labor Department report showed. The Federal Reserve has keep rates near zero since 2008 to bolster economic growth.
Holdings in gold-backed exchange-traded products fell for the 16th time in 17 days, data compiled by Bloomberg show. Assets declined 2 metric tons to 1,511.8 tons as of Friday.
Silver for immediate delivery gained 0.7 percent to $14.9322 an ounce in London. Platinum rose 0.7 percent to $969.92 an ounce while palladium added 0.5 percent to $603.90 an ounce.
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India 'Reclaims' No.1 Gold Demand from China

PT. Equityworld Futures - GOLD demand in India beat China as the world's No.1 for the first time since 2013 in the second quarter of this year, according to the latest data.
Global consultancy Thomson Reuters GFMS says "seasonal strength" between April and June saw India "reclaim the top spot in regard to total gold consumption."
Across the first 6 months of the year, however, China came just ahead according to GFMS's new Gold Survey 2015 Q2 Update & Outlook.
India was "easily the biggest consumer of all gold products in the second quarter," the report says, despite seeing no sizeable change in either jewelry or gold investment demand from a year earlier. China's household demand fell 24% in contrast, with the drop split across jewelry and investment.
Even in India, however, "ample supplies" dented prices in the retail market says consultancy Metals Focus, thanks to a surge in H1 gold bullion imports.
Indeed, "since mid-May the local price switched to a consistent discount to London" “ center of the world's wholesale market, and the global price benchmark “ widening by late-June to $10 per ounce, "a level not seen in a couple of years," says Metals Focus in its latest Indian Focus Monthly.
Looking ahead to the last 6 months of 2015, second-half gold jewelry demand in 2014 was 20% greater than demand between January and June, according to GFMS's data. But while this year's monsoon rains have now improved “ allaying fears of a "second consecutive drought year" according to the Indian Express, and boosting jewelers expectations for H2 sales “ the crucial Hindu calendar will bring 40% fewer auspicious days for marriage ceremonies, denting a key source of demand for gifts.
That is "a positive sign for retailers," the Economic Times quotes Ashok Minawala, former chairman of the All India Gems & Jewellery Trade Federation. Because "it is a tradition in the farming community to buy gold once they sell crop," he explains, some "60-70% of India's gold demand comes from the rural market."
However, "the number of auspicious days for wedding is less this year," the same paper last month quoted Ketan Shroff of the India Bullion & Jewellers Association. "[That] will definitely dent the demand of gold jewelry during the second half of this year."
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U.S. Index Futures Little Changed Before Kellogg, Disney Results

PT. Equityworld Futures - U.S. stock-index futures were little changed, following a two-day drop for equities, as investors awaited earnings from companies including Kellogg Co., Walt Disney Co. and Aetna Inc.
S&P’s 500 E-mini contracts expiring in September added less than 0.1 percent to 2,091.75 at 9:40 a.m. in London. U.S. stocks declined yesterday, with commodity producers sinking and Apple Inc. entering a correction. Dow Jones Industrial Average futures rose 2 points to 17,513 today.
The S&P 500 rose 2 percent in July, the best monthly gain since February, as earnings from Amazon.com Inc. and Google Inc. countered declines by energy and mining stocks.
Some 31 S&P 500-listed companies are scheduled to release financial results today. Almost three-quarters of S&P 500 members have reported earnings this season, with 74 percent beating profit estimates and about half of them exceeding sales projections.
Investors will also watch data today on American factories at 10 a.m. New York time. Economists project orders increased by 1.8 percent in June, rebounding from two months of declines. Reports on employment and the services industries are also due later this week.
A U.S.-listed exchange-traded fund tracking Greek equities slipped 0.8 percent. The Global X FTSE Greece 20 ETF dropped 2.7 percent yesterday as financial markets there reopened after a five-week suspension.
American depositary receipts of National Bank of Greece SA slumped 11 percent in early New York trading.
Avis Budget Group Inc. fell 3 percent in late trading after trimming the top end of its profit forecast.
Alcoa Inc. rose 1.5 percent after shares of the aluminum producer closed near their lowest price since 2013.
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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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