Domestic coffee prices hit new high; Gold forecast to move sideways this week

Domestic coffee prices hit new peak

Domestic coffee prices updated at 5:24 a.m. on January 29, 2024 remained high, the highest mark was 77,400 VND/kg, the average price was 77,000 VND/kg in the Central Highlands provinces, the average purchase price in Dak Nong province was 77,400 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 77,000 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 77,400 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 76,500 VND/kg.

Last week, domestic coffee prices increased sharply, reaching a new peak of VND77,400/kg. This level helped farmers earn the highest profit in history.

Gold forecast to move sideways this week

At the time of survey at 5:00 a.m. on January 29, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 73.90 million VND/tael for buying and 76.65 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 74.40 - 76.70 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 74.40 - 76.90 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,018.590 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.164 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 15.036 million VND/tael higher than the international gold price.

Discussing the future of gold prices in the new trading week, 14 Wall Street experts participated in Kitco's gold price survey and continued to be cautious about the precious metal's potential for price increases in the near term.

Specifically, the survey results show that 5 experts (equivalent to 36%) predict that gold prices will continue to increase, 3 experts (equivalent to 21%) predict that gold prices will decrease, and 6 experts (equivalent to 43%) predict that gold prices will remain stable next week.

USD continues to rise

Today, the VND/USD exchange rate adjusted to a slight increase, the world USD continued to increase to reach 103.47 points.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,036 VND/USD, up 5 VND compared to the trading session on January 26.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,187 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,187 VND/USD.

The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of downward adjustments at banks. Specifically, Vietcombank has a buying price of 24,395 and a selling price of 24,765, down 5 VND compared to the trading session on January 26. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.47 points - down 0.10% compared to the transaction on January 26.