Gold price soars; Japanese Yen falls sharply; domestic coffee bounces back

Gold prices skyrocket

Gold priceToday, October 21, the world market continued to increase and the domestic market skyrocketed in buying to the highest level of 71.1 million VND/tael.

At the end of the session on October 20, the price of 9999 gold bars at SJC Ho Chi Minh City was 70.25 million VND/tael (buy) and 70.95 million VND/tael (sell). SJC Hanoi listed at 70.25 million VND/tael (buy) and 70.97 million VND/tael (sell).

Doji Hanoi listed at 70.3 million VND/tael (buy) and 71.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 70.1 million VND/tael and sold at 71 million VND/tael.

On the world market, the spot gold price on Kitco (at 9:00 p.m., Vietnam time) was at 1,988 USD/ounce.

At the current price, the world gold price converted to VND (including tax and processing fee) differs from the domestic SJC gold price by about 11.72 million VND/tael.

There are too many risks to the economic outlook, which is supporting gold prices, said Edward Moya, senior market analyst at Oanda.

Daniel Ghali, strategist at TD Securities, said gold would benefit from a weakening economy. The Fed’s rate cut could push gold prices to $2,100 an ounce.

Japanese Yen depreciates sharply

Today 10/21, exchange rateJapanese YenThe black market has dropped sharply in both directions. In the banking system, the highest Japanese Yen price is 160.81 VND/JPY and 165.68 VND/JPY – down 0.38 VND in buying and down 0.38 VND in selling.

In the black market in Hanoi, the Japanese Yen/VND exchange rate decreased by 4.88 VND in buying and increased by 3.12 VND in selling, respectively trading at 159 VND/JPY in buying and 168 VND/JPY in selling.

Yen Trend Forecast, USD/JPY hovers around 149.85 and gains at least 0.05% on risk-off momentum, despite a decline in the US 10-year Treasury yield as traders expect the US Federal Reserve (Fed) to keep interest rates higher for longer.

For now, investors see the Bank of Japan’s (BoJ) ultra-loose monetary policy stance as still too dovish, suggesting that USD/JPY could break above 150.00. However, the Japanese government’s threat to intervene in the market has limited the upside, with market participants now focused on the BoJ’s next meeting, scheduled for late October.

Meanwhile, Fed officials said inflation has eased but remains high, adding that the US central bank will be data-dependent in making its next policy decision.

World crude oil maintains upward momentum

In the world market, the pricegasolineToday, October 21, maintained the upward momentum from the previous 3 sessions.

Brent oil prices rose on October 20 as traders remained worried that Israel's military campaign in the Gaza Strip could escalate into a regional conflict.

According to data from Oilprice, at 9:36 a.m. on October 20 (Vietnam time), Brent crude oil was trading at $93.15 per barrel, up $0.77, or 0.83%, from the previous session. WTI crude oil was at $90.35 per barrel, up $0.98, or 1.1%, from the previous session.

At 9:20 p.m. on October 20 (Vietnam time), Brent oil price was at 93.34 USD/barrel, up 0.96 USD, equivalent to 1.04% compared to the previous session. WTI oil price was at 90.22 USD/barrel, up 0.85 USD, equivalent to 0.95% compared to the previous session.

World oil prices rose after US Federal Reserve Chairman Jerome Powell said the US central bank would “proceed cautiously” in raising interest rates in the future.

With the above statement, many people believe that the Fed will not rush to raise interest rates in the context of escalating tensions. Because higher interest rates can cause more serious consequences for the economy.

Oil prices continued to rise due to concerns that conflict in the Middle East is at risk of spreading further.

Domestic coffee prices rebound

PricecoffeeDomestic coffee prices were updated at 4:12 a.m. on October 21, 2023, rebounding after previous deep declines. Currently, the average coffee price in the Central Highlands provinces is around 58,100 VND/kg, the highest price in Dak Lak province is 58,400 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on October 21, 2023 was VND 58,200/kg; In Dak Nong province, coffee was also purchased at VND 58,200/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 57,600 VND/kg.

Today's coffee price in Dak Lak province today in Cu M'gar district, coffee price is currently at 58,300 VND/kg. Meanwhile in Ea H'leo district, Buon Ho town, it is purchased at the same price of 58,400 VND/kg.