Gold edges up on weak dollar

Gold prices remained steady on July 10 after falling by VND100,000 on the previous day. Most jewelers sold the metal at VND20.75 million a tael (1.2 ounces) and bought it at VND20.65-20.70 million.

Globally, gold rose, rebounding from a two- month low on July 9 as the dollar weakened for the first time in six sessions.

At Phu Quy Jewelry Co. bought SJC gold at VND20.71 million and sold at VND20.75 million.

At Hanoi-based Bao Tin Minh Chau, the buying rate was VND20.68 million and selling rate VND20.74 million.

Yesterday’s sharp decline has boosted trading at gold shops.

Le Xuan Tung, general director of Phu Quy Jewelry Co., said trading volume was 1.5 times higher than in the last few days.

At the SBJ trading floor, more than 172,000 taels were traded at VND19.56-19.69 million.

Internationally, gold for spot delivery surged US$3.2 an ounce, or 0.4 percent, to $913.3.

Gold futures for August delivery gained $6.90, or 0.8 percent, to $916.20 an ounce on the New York Mercantile Exchange’s Comex division. Bullion for immediate delivery in London rose $7.49, or 0.8 percent, to $916.99.

The US Dollar Index, a six-currency measure of the greenback’s value, slid as much as 1.3 percent, almost erasing a 1.4 percent gain in the previous five sessions.

The State Bank of Vietnam set the exchange rate for the dollar at VND16,958, VND3 higher than the day before. Vietcombank traded the currency at VND17,806.

Crude oil, used by some investors as an indicator of the outlook for inflation, rose as much as 2.5 percent in New York before giving up the gain. Oil slid 16 percent in the previous six sessions.

Crude oil futures for August delivery dropped by $0.3 a barrel to $60.11.

Compiled by Thuy Doan

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