Gold, oil open week on upbeat sentiment

Gold in Vietnam rose by VND10,000 a tael (1.2 ounces) from last weekend on August 3, as the global price rallied due to the weaker US dollar, boosting the appeal of the metal as a store of value.

Bullion was traded at above VND21.20 million ($1,189.94) a tael at most gold shops.

The market remained gloomy as the metal has not escaped from the VND21 million mark.

Trading on the SBJ gold exchange was fairly high with more than 282,000 taels changing hands at around VND20-20.53 million.

Globally, gold stalled as the decline of the greenback was the only factor that backed the gold price.

In Asia, gold for immediate delivery rose as much as 0.3 percent to $957.13 an ounce and traded at $954.67.

Analysts expected gold to advance further as the Dollar Index, a six-currency gauge of the greenback’s strength, fell as much as 0.4 percent to 78.05 today and was last at 78.33 due to the revival of the US economy.

However, some analysts believed that gold would soon dip as a report by Citigroup said that the IMF would probably sell 200 tons of gold by next year.

Crude oil followed last week’s rising trend to start the week.

Crude oil for September delivery rose as much as 80 cents, 1.2 percent, to $70.25 a barrel in after-hours electronic trading on the New York Mercantile Exchange.

Compiled by Thuy Doan

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