Gold and coffee prices continue to increase strongly; USD exchange rate reverses and slides

Price of 9999 gold, SJCsudden increase

Domestic and world gold prices today suddenly increased sharply.

At the time of survey at 5:30 a.m. on August 31, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 67.40 million VND/tael for buying and 68.30 million VND/tael for selling.

At Mi Hong Jewelry Company, at the time of survey, the listed price of SJC gold was at 67.75 - 68.10 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 67.52 - 68.10 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 67.52 - 68.30 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today (Vietnam time) was at 1,944.445 USD/ounce with an exchange rate of 23975. Converted according to the current exchange rate at Vietcombank, the world gold price is about 55.941 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still higher than the international gold price of 11.559 million VND/tael.

USD exchange rateslippage reversal

Today (August 31), the USD/VND exchange rate, the black market USD price, and the VCB USD price have all fallen. Meanwhile, the world USD exchange rate has suddenly dropped sharply due to the situation in the US.

The central USD/VND exchange rate announced by the State Bank is 23,978 VND/USD, an increase of 15 VND compared to the listed rate on August 30.

Currently, the USD exchange rate that commercial banks are allowed to trade is from 23,400 - 25,126 VND/USD. The selling exchange rate has also been adjusted by the State Bank Exchange to the buying and selling range of 23,400 - 25,126 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 reduced the buying price by 35 VND to 23,975 VND and the selling price to 24,315 VND. The buying and selling prices of USD are currently in the range of 23,400 - 25,300 VND/USD.

Domestic and world gas prices decreased in the last trading session of the month

Opening the trading session on the morning of August 31, today's gas price in the world market decreased by 0.36% to 2.79 USD/mmBTU for natural gas contracts delivered in October 2023.

In the domestic market, gas prices in August increased again after 2 consecutive months of decrease. Specifically, the retail price of Petrolimex gas cylinders (including VAT) in August 2023 in the Hanoi market was 380,160 VND/12 kg household cylinder; 1,520,640 VND/48 kg industrial cylinder, respectively increasing by 26,360 VND/12 kg cylinder and 105,640 VND/48 kg cylinder (including VAT).

According to Petrolimex representative, the reason for the increase in retail gas price in August is because the average world gas price contract in August was at 465 USD/ton, an increase of 77.5 USD/ton compared to July, so the company made adjustments according to the corresponding increase.

Similarly, the gas price of Pacific Petroleum Trading Joint Stock Company increased by VND26,000/12 kg cylinder and VND108,000/50 kg cylinder. Accordingly, the maximum retail price to consumers of this brand is VND411,000/12 kg cylinder and VND1,711,000/50 kg cylinder.

Domestic gas prices depend on world developments because domestic supply can only proactively meet about 60% of consumption.

Several factors can contribute to gas prices, including increased gas production, supply and demand, as well as changes in energy market policies and fluctuations. These fluctuations indicate the direction that gas prices have been taking in recent times.

Domestic coffee prices continue to increase

Domestic coffee prices, after many stable and sideways sessions, have started to show a slight upward trend in recent trading sessions. On August 31, coffee prices continued to increase slightly, increasing by 100 VND/kg, the highest price in Dak Nong province was 66,000 VND/kg.

Specifically, in Gia Lai and Kon Tum provinces, the price stood at 65,400 VND/kg (up 100 VND/kg) compared to the previous trading session. In Dak Nong province, the highest coffee purchase price was 66,000 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 65,100 VND/kg.

In Cu M'gar district, Dak Lak province, coffee price is currently at 65,700 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 65,800 VND/kg.

World coffee prices on both exchanges increased slightly, but the ICE US - New York exchange increased steadily across delivery periods.

According to the Vietnam Coffee Association, the gloomy domestic coffee export situation has increased concerns about a global supply shortage. Specifically, Vietnam's coffee exports in August 2023 reached 90,000 tons, down 20.4% compared to the 113,039 tons shipped abroad in the same period in 2022. According to the General Statistics Office, Vietnam's cumulative coffee exports in the first 8 months of 2023 are estimated at about 1.207 million tons, down 4.9% compared to the total coffee exports in the same period last year.