Many commodities increased in price at the weekend; gold reversed and decreased slightly
(Baonghean.vn) - It was noted that the prices of many commodities increased over the weekend, such as rice, dollars, and gasoline. Meanwhile, the world gold price reversed and decreased sharply.
USD exchange rateslight increase
Following the Bank of Japan's (BOJ) decision to maintain its ultra-low interest rate policy and forecast a fall in inflation later this year, the US dollar (USD) has rebounded while the Japanese yen (JPY) has fallen, reflecting fluctuations in the currency market.
The Bank of Japan (BOJ) decided to maintain its short-term interest rate target at -0.1% and its 0% cap on 10-year bond yields, under its yield curve control (YCC) policy. The decision caused a significant decline in the Japanese Yen and a rise in the US Dollar. The US Dollar also fell to a 15-year low against the Euro.
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Foreign exchange market rates on June 18. |
Meanwhile, the US Federal Reserve (Fed) decided not to raise interest rates after a series of 10 previous increases, however, they have signaled the possibility of future rate hikes. However, recent data showing slowing US economic activity and falling inflation pose a challenge to the Fed's stance on continuing to raise interest rates.
In currency markets, the euro had its best week against the US dollar after the European Central Bank (ECB) decided to raise borrowing costs to a 22-year high and hinted at further tightening of its monetary policy to curb inflation.
The pound also gained after traders bet that the Bank of England will raise interest rates at its upcoming meeting.
Raw rice prices increase
Regarding rice, the price of raw rice and finished products increased. Accordingly, the price of raw rice fluctuated around 9,800 - 9,850 VND/kg, an increase of 100 - 120 VND/kg; finished rice was at 11,100 - 11,200 VND/kg, an increase of 100 VND/kg. Regarding by-products, the price of broken rice increased by 100 VND/kg to 9,500 - 9,600 VND/kg. Meanwhile, the price of dried bran remained stable around 7,500 - 7,700 VND/kg.
At the retail market, rice prices remain stable, with regular rice at 11,500 - 12,500 VND/kg; Jasmine fragrant rice at 15,000 - 16,000 VND/kg; Soc regular rice at 15,000 VND/kg; Sticky rice at 16,000 - 18,000 VND/kg; Regular white rice at 14,500 VND/kg; Nang Hoa at 18,500 VND/kg; Soc Thai at 18,000 VND/kg; Taiwanese fragrant rice at 20,000 VND/kg; Japanese rice at 22,000 VND/kg; Bran at 7,600 - 8,000 VND/kg; Thai long grain fragrant rice at 18,000 - 19,000 VND/kg and Huong Lai at 19,000 VND/kg.
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Rice price today June 18 increased by 100 VND/kg. |
According to traders, raw rice supply is low today, the ports are empty of rice. The summer-autumn rice market has not changed much. The domestic rice market has not improved, the summer-autumn rice supply continues to be low. The summer-autumn rice market is stable, rice prices are stable.
Pepper prices fluctuate between 70,500 - 73,000 VND/kg
Accordingly, in the Central Highlands region, pepper prices decreased by 500 VND/kg. Specifically, the price of Chu Se pepper (Gia Lai) on June 16 was being purchased by traders at 70,500 VND/kg, down 500 VND/kg. In Dak Lak and Dak Nong provinces, pepper prices remained around 71,500 VND/kg, down 500 VND/kg.
Similarly, in the Southeast region, pepper prices today also did not fluctuate. In Ba Ria Vung Tau, pepper prices are being purchased by traders at 73,000 VND/kg, down 500 VND/kg. In Binh Phuoc, pepper prices are at 72,500 VND/kg, down 500 VND/kg; Dong Nai 71,500 VND/kg, down 500 VND/kg.
Thus, after 2 sessions of sideways movement, today pepper price has been adjusted down by 500 VND/kg. The domestic pepper market has just experienced a volatile week with a strong increase at the beginning of the week, a decrease in the middle of the week and sideways movement at the end of the week.
At the end of last week, domestic pepper prices increased by 500 - 1,000 VND/kg. Specifically, in the Central Highlands region, they increased by 500 VND/kg, and in the Southeast region, they increased by 1,000 VND/kg. This increase is lower than the increase of 2,000 VND/kg in the first week of June. The reason is due to information about high harvest output this year, along with capital shifting to coffee.
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Pepper price today June 18 adjusted down 500 VND/kg. |
SJC gold drops to 67.10 million VND/tael
At the time of survey at 5:00 a.m. on June 18, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.50 million VND/tael for buying and 67.10 million VND/tael for selling.
At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.45 - 67.05 million VND/tael (buy - sell).
DOJI listed the price of 9999 gold at 66.50 million VND/tael for buying and 67.10 million VND/tael for selling.
Vietinbank Gold price is listed at 66.55 million VND/tael for buying and 67.17 million VND/tael for selling.
The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.52 - 67.08 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 55.98 - 56.83 million VND/tael.
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Gold price today June 18 decreased slightly. |
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,957.555 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 55.67 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 11.43 million VND/tael higher than the international gold price. Meanwhile, the US gold futures price remained unchanged at 1,971.20 USD.
Gold is holding up well ahead of the Fed's warning of two more rate hikes, said OANDA senior market analyst Edward Moya.
Standard Chartered precious metals analyst Suki Cooper forecasts gold prices to average $1,975 in Q2 and $1,925 in Q3 this year.