Gold rises for 3rd day

Gold rose for a third straight session, adding VND50,000 a tael (1.2 ounces) despite low demand.

Most jewelers bought the precious metal at VND20.75-20.80 and sold it at around VND20.85 million.

Trading volumes were fairly thin.

On the SBJ gold exchange, the price was around VND19.79-19.90 million, with nearly 240,000 taels changing hands.

Internationally, gold surged US$4.5 an ounce, or 0.5 percent, to $926.3.

Bullion for August delivery on the New York Mercantile Exchange gained 0.4 percent to $926 an ounce.

Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, fell by 15.27 tons to 1,094.54 tons.

Bloomberg quoted Ralph Preston, a Heritage West Futures Inc. commodity analyst in San Diego, as saying: “Gold is caught between bull- and bear-trending forces as it plays ping pong between $907 support and $932 resistance. My bias is for a break to the downside as further speculative unwinding of long positions continues to unfold over the coming weeks.”

A report in the US yesterday showed a stronger-than-expected increase in June retail sales which has lighted up the possibility of economic recovery and lessened the attraction of the US dollar.

The exchange rate of the greenback against the euro, however, was stalled at $1.40.

Oil climbed from an eight-week low, snapping three days of declines after the industry-funded American Petroleum Institute said yesterday that gasoline supplies fell 69,000 barrels last week.

Crude oil for August delivery gained 74 cents, or 1.2 percent, to $60.26 a barrel on the New York Mercantile Exchange.

Compiled by Thuy Doan

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