Bullion, oil jump as dollar dives

Gold in Vietnam bounced to VND21.20 million a tael (1.2 ounces) August 1 as the global gold price rose by 2.2 percent last night.

At most gold shops, bullion was bought at VND21.15 million (US$1,187.2) and sold at VND21.20 million ($1,190), surging by VND150,000 a tael more than the previous day.

Trading volume remained low due to the high price.

In comparison to the beginning of July, gold price has hiked by VND300,000 a tael, 1.4 percent, after falling VND650,000 a tael, three percent, in June.

Globally, bullion rose for the third week as the dollar weakened after US economic data announced on July 31 was not as bad as expected.

In New York, spot gold gained $20.8 an ounce, 2.2 percent, to $955.5 an ounce.

The metal advanced $27.9, 3 percent, compared to the end of June.

Holdings by the world’s biggest exchange-traded fund backed by bullion, SPDR Gold Trust, stood at 1,072.87 tons, the company’s website showed.

The US’s Ministry of Trade announced the country’s GDP growth in the second quarter rose to minus one percent from minus 5.5 percent in the first quarter this year.

The greenback slid by 1.3 percent against the euro, to nearly $1.43.

Crude oil closed the week at nearly $70 a barrel.

Crude oil futures for September delivery increased by $2.51 a barrel, 3.7 percent, to $69.45 a barrel, the highest level since June 30.

This week, oil rose by 2.1 percent after surging by 7.2 percent last week. The oil price, however, just gained 0.8 percent in July.

Crude oil price was 56 percent higher than the beginning of this year.

Compiled by Thuy Doan

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