Gas prices drop sharply despite transportation difficulties; Gold continues to plummet

Gas prices fall sharply despite transportation difficulties

In the early morning (Vietnam time), today gas prices increased by 0.33% to 2.13 USD/mmBTU for natural gas contracts for delivery in February 2024.

Spot prices for liquefied natural gas (LNG) in Asia fell below $10 per mmBTU for the first time in nearly eight months, as ample inventories and mild weather overshadowed geopolitical tensions in the Red Sea.

On the other hand, natural gas flows to US LNG export facilities fell significantly this week, to their lowest level in a year, as Arctic freezes forced energy companies to divert gas to meet domestic demand, contributing to the drop in gas flows.

In the domestic market, retail gas prices from the first day of the new year, January 1, 2024, will increase by 450 - 500 VND/kg (including value added tax). Accordingly, each gas cylinder will increase by 3,000 VND/6 kg, 6,000 VND/12 kg cylinder, 22,500 VND/45 kg cylinder and 25,000 VND/50 kg cylinder.

Gold continues to plummet

At the time of survey at 5:00 a.m. on January 23, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 73.45 million VND/tael for buying and 75.95 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is traded by businesses at 73.55 - 75.85 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 73.50 - 76.22 million VND/tael (buy - sell).

The world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,019.755 USD/ounce, down 9,865 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.053 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 14.447 million VND/tael higher than the international gold price.

Domestic USD slightly decreased, world USD slightly increased

USD exchange rate today January 23, USD VCB slightly decreased by 10 VND in both buying and selling directions, world USD increased slightly before important meetings of central banks.

The central VND/USD exchange rate announced by the State Bank today is adjusted to 24,031 VND/USD, down 6 VND compared to the trading session on January 22.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,182 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank Exchange from 23,400 to 25,182 VND/USD.

In the world market, the Dollar Index (DXY), which measures the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.34 points - up 0.05% compared to the transaction on January 22.

Coffee prices continue to rise

Domestic coffee prices updated at 5:24 a.m. on January 23 continued to increase, from 400 - 500 VND/kg, the highest level was 72,900 VND/kg in Dak Nong and Dak Lak provinces, and averaged 72,700 VND/kg in the Central Highlands provinces.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 72,800 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 72,900 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, is purchased at 72,200 VND/kg.

In Cu M'gar district, Dak Lak province, it is purchased at 72,800 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 72,900 VND/kg.

According to the Vietnam Commodity Exchange, during the trading week of January 15-21, Robusta prices increased by 6.43%, reaching a 16-year high. Analysts said that concerns about escalating tensions in the Red Sea disrupting supply between the world's leading Robusta producing and consuming countries pushed prices up sharply.