Gold ends week on brighter note

Gold wrapped a week on bullish sentiment with domestic gold prices rising by VND20,000 a tael (1.2 ounces) on July 24 and global price surged 1.5 percent on July 25.

Sacombank Jewelry reported that it bought bullion at VND21.11 million (US$1,185) and sold at VND21.18 million ($1,189).

Phu Quy Jewelry bought SJC’s gold at VND21.12 million and sold at VND21.15 million.

At Phu Nhuan Jewelry, the metal was traded at VND21.14 million.

Gloom remained on the bullion market, as investors were wary due to high prices and low profits.

Gold prices advanced by one percent compared to last week. The price rose by VND450,000 a tael within the last two weeks.

Globally, bullion rallied for the second week after declining for six weeks.

In New York, gold for immediate delivery gained $3.6, 0.4 percent, to $952.6 an ounce.

Spot gold rose by $13.9 an ounce, or 1.5 percent, compared to last week.

The dollar slid for two weeks in a row due to positive information from large groups, including Samsung, Hyundai, Apple, and Ford which has lessened the green back’s safe-haven appeal.

This week the dollar fell by 0.8 percent against the euro. The dollar declined 1.2 percent last week.

Crude oil crossed $68 a barrel and gained 7.2 percent this week.

Crude oil for September delivery rose by $0.89, 1.3 percent, to $68.05 a barrel, the highest level since July 1.

Oil prices were backed by optimistic profit reports from banks and major companies, as well as the recovery of the US stock markets.

Compiled by Thuy Doan

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