Article content * U.S. business activity grew at a moderate pace for a second straight month in July amid supply constraints, suggesting a cooling in economic activity. * A growing number of European countries are raising their defenses to counter the increase in the Delta variant of coronavirus, trying to pressure more people to get vaccinated. * Physical gold demand in India was lackluster last week with buyers put off by price volatility, forcing dealers to raise discounts to their highest in nearly a month to encourage purchases. * Speculators raised their net long positions in COMEX gold in the week ended July 20, data from the U.S. Commodity Futures Trading Commission showed.