Gold prices near record high; Crude oil slides

World gold close to record high

According to Kitco,gold priceThe world recorded at 5:00 a.m. today, Vietnam time, spot price was 2,070.390 USD/ounce, a difference of 33.74 USD/ounce compared to the world gold price yesterday. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59,900 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 12.4 million VND/tael higher than the international gold price.

Gold is trading at a session high, breaking above resistance at $2,050 an ounce even as Federal Reserve Chairman Jerome Powell maintained his hawkish stance on US monetary policy.

Meanwhile, the domestic gold price today decreased by 100,000 VND/tael. At the time of survey at 5:00 a.m. on December 2, 2023, DOJI listed 9999 gold at 72.30 million VND/tael for buying and 73.50 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 72.60 - 73.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 72.42 - 73.48 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 72.20 - 73.70 million VND/tael (buy - sell).

World oil continues to slide

According to data from Oilprice, at 20:28 on December 1 (Vietnam time),oil priceBrent was trading at $80.43 a barrel, down $0.43, or 0.53%, from the previous session. WTI was trading at $75.6 a barrel, down $0.36, or 0.47%, from the previous session.

Oil prices plunged after a voluntary production cut by the Organization of the Petroleum Exporting Countries and its allies (OPEC+), which accounts for 40% of the world's oil output, was less than expected.

According to Oilprice, the total voluntary cut in the first quarter of 2024 by OPEC+ members will be 2.184 million barrels/day.

However, the nearly 2.2 million barrels per day of voluntary cuts included 1 million barrels per day of voluntary cuts from Saudi Arabia and 300,000 barrels per day from Russia, bringing the actual additional cuts to around 900,000 barrels per day.

Previously, OPEC+ countries said the new additional cuts discussed were up to 2 million barrels/day.

An additional voluntary cut of around 900,000 barrels per day, if strictly implemented, could also create a small deficit in the market, which could support oil prices in the short term.

The US Energy Information Administration (EIA) reported that the oil market could see a deficit of more than 100,000 barrels per day in the first quarter of 2024.

However, according to analysts, non-OPEC+ oil production may soon make up for the shortage, limiting the rise in oil prices. Notably, US oil production is at a record 13.2 million barrels per day.

In addition, oil prices fell due to increased crude oil production and gasoline inventories in the US (the world's leading oil producer).

According to the EIA, US crude oil inventories increased by 1.6 million barrels in the week ending November 24, while distillate inventories increased by 5.2 million barrels and gasoline inventories increased by 1.8 million barrels.

Domestic coffee prices continue to increase

PricecoffeeDomestic coffee prices updated at 5:00 a.m. on December 2, 2023 continue to increase sharply. Currently, the average coffee price in the Central Highlands provinces is about 59,700 VND/kg, the highest purchase price in Dak Lak province is 60,000 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on December 2, 2023 was at a fairly high price of VND 59,800/kg; In Dak Nong province, coffee was purchased at VND 60,000/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 58,900 VND/kg.

Today's coffee price in Dak Lak province is the highest; in Cu M'gar district, coffee is purchased at 60,000 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 60,100 VND/kg./.