Gold hovered near $1,620 an ounce on Monday, after gaining for a sixth straight day in the previous session as downbeat China economic data triggered expectations of more stimulus measures from the world's second-largest economy.
Fundamentals
* Spot gold was little changed at $1,620.11 an ounce by 0039 GMT, after posting a weekly rise of nearly 1%.
* U.S. gold futures contract for December delivery traded nearly flat at $1,622.70.
* Data on Friday showed China's exports in July rose just 1% from a year earlier and new loans were at a 10-month low, suggesting that pro-growth policies have been insufficient and more urgent action may be needed to stabilise the economy.
* Adding to the gloomy global growth picture, Japan's economic expansion slowed more than expected in the second quarter, as a rebound in consumer spending starts to lose momentum and Europe's debt crisis weighs on global demand.
* Hedge funds and money managers cut their net long position in US gold futures and options in the week to August 7, as speculators reduced their bullish bets on doubts over more imminent monetary stimulus by the Federal Reserve and other central banks.
* Platinum-gold discount stood at $225.2 an ounce, near a record-high above $226 hit last Friday. Spot platinum inched up 0.2% to $1,395.49, after falling 0.3% in the previous week, its sixth straight week of decline.
* Two security guards were hacked to death at a South African mine operated by the world's number three platinum producer Lonmin on Sunday in new violence between rival unions, company officials said.
Market news
* The Standard & Poor's 500 finished slightly higher on Friday to run its streak to six straight sessions, but activity was light and gains were slight as the market enters a seasonally slow period.
* The currency markets got off to a nondescript start on Monday, with commodity currencies under mild pressure first thing as investors continued to worry about the health of the global economy following last week's disappointing Chinese data.
