Forecast of gasoline and oil prices before adjustment period; World gold price increases to 1930.9 USD/oz

Forecast of domestic gasoline and oil prices before adjustment period

World oil prices this morning (August 11, Vietnam time) continued to change direction. Today, WTI light sweet crude oil and Brent crude oil prices reversed and decreased. Specifically: WTI crude oil price decreased by 0.81% (equivalent to a decrease of 0.68 USD/barrel), down to 83.72 USD/barrel, Brent crude oil price decreased by 0.61% (equivalent to a decrease of 0.53 USD/barrel), down to 87.02 USD/barrel.

The market is now waiting for the US Consumer Price Index (CPI) report for July to look for the US Federal Reserve's (Fed) monetary policy direction. Observers predict that the July CPI will increase slightly compared to the same period last year, and increase 0.2% compared to June.

Domestic retail prices of gasoline and oil on the morning of August 11 were applied according to the adjustment session on August 1 by the Ministry of Finance - Ministry of Industry and Trade.

Regarding oil prices, diesel increased by VND1,112/liter to VND20,612/liter; kerosene increased by VND1,081/liter to VND20,270/liter and mazut 180CST 3.5S increased by VND806/kg to VND16,531/kg.

Vietnam Petroleum Institute (VPI) forecasts that in the upcoming management period, gasoline prices will decrease slightly, while retail oil prices (diesel, kerosene, fuel oil) may increase by more than 6%.

Since the beginning of the year, gasoline prices have undergone 22 adjustments, including 12 increases, 7 decreases, and 3 unchanged.

World gold increased to 1930.9 USD/oz

Early morning of August 11 (Vietnam time), the world gold price increased sharply, currently the spot gold price on Kitco floor is 1930.9 USD/oz, up 9.1 USD/oz compared to the previous trading session. Converting the world gold price according to the foreign exchange rate at Vietcombank: 1 USD = 23,910 VND, the world gold price is equivalent to 55.62 million VND/tael, 11.68 million VND/tael lower than the SJC gold selling price on the morning of August 11.

Previously, at the end of the trading session on August 10, Saigon Jewelry Company listed the buying price of SJC gold at VND66.7 million/tael; the selling price was VND67.3 million/tael, an increase of VND100,000/tael in the buying and selling prices compared to the opening time of the trading session on the same day. The difference in the selling price of gold is still VND600,000/tael higher than the buying price.

At the same time, the buying and selling price of gold was listed by DOJI Group at 66.65 - 67.35 million VND/tael. Compared to the opening session on August 10, the buying price of gold at DOJI increased by 100,000 VND/tael and the selling price increased by 50,000 VND/tael. The difference between the buying and selling price of gold at DOJI is 700,000 VND/tael.

Coffee price drops to 67,600 VND/kg

Domestic coffee prices on August 11 in the Central Highlands provinces tended to decrease compared to the previous two days, August 9 and 10, specifically, decreasing by 200-400 VND, ranging from 67,200 to 67,600 VND/kg, the highest at 67,800 VND/kg, an increase of 1,000 VND compared to last week.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at 67,200 VND/kg. In Dak Nong province, coffee was purchased at the highest price of 67,800 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 67,000 VND/kg.

Coffee price in Dak Lak province today in Cu M'gar district is currently at 67,600 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 66,600 VND/kg.

World coffee prices, on the world exchange, Robusta coffee prices on the London exchange (UK) in the latest trading session decreased -0.33% after reversing to increase on August 10, fluctuating from 2,661 - 2,699 USD/ton depending on delivery term.

Pepper price today highest 74,000 VND/kg

Pepper prices today (August 11) in the domestic market have not fluctuated compared to yesterday.

Accordingly, pepper prices in the Central Highlands fluctuate around 71,000 - 72,000 VND/kg. Specifically, Chu Se pepper price (Gia Lai) is being purchased by traders at 71,000 VND/kg. Dak Lak pepper price and Dak Nong pepper price are at 72,000 VND/kg.

In the Southeast region, pepper prices remain stable. Specifically, in Ba Ria Vung Tau, pepper prices are at 74,000 VND/kg. Dong Nai pepper prices are at 72,500 VND/kg. Binh Phuoc pepper prices are at 73,000 VND/kg.

Today's pepper price in the domestic market continues to move sideways compared to yesterday. Since the beginning of the year, domestic pepper prices have fluctuated strongly. In the first 5 months of 2023, the price of pepper (black) gradually increased from 57,000 VND/kg in January to 76,000 VND in May - a price almost equal to 2022 and 8,000 VND/kg higher than 2021.

However, in June and July, the price began to decrease to only 68,000 VND/kg as some of the world's major pepper producing countries such as Indonesia and Brazil began their harvest season.

The decrease in supply in many key pepper growing areas helped pepper prices regain momentum in the first sessions of August. Currently, domestic pepper prices have regained the mark of 74,000 VND/kg.