Risk of profit-taking sell-off, gold forecast to drop sharply; Domestic coffee prices rise again

Risk of profit-taking sell-off, gold forecast to drop sharply

Gold prices today, October 24, on the international market slightly decreased, investors are ready to buy when gold prices fall sharply. Domestically, the prices of 9999, SJC, 24K, PNJ, DOJI gold suddenly dropped sharply by nearly half a million VND.

Survey at 5:30 a.m. on October 24, gold prices on the trading floors of some companies are as follows:

DOJI listed the price of 9999 gold at 69.95 million VND/tael for buying and 70.80 million VND/tael for selling.

At Mi Hong Jewelry Company, at the time of survey, the listed price of SJC gold was at 70.10 - 70.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 70.10 - 70.75 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 70.10 - 70.95 million VND/tael (buy - sell).

Saxo Bank commodity strategists expect prices to fall, not because the gold rally is over, but to guard against a potential profit-taking sell-off.

Marc Chandler, CEO of Bannockburn Global Forex, also predicted that gold prices will be difficult to predict between now and the end of the week. Gold prices could quickly jump to $2,000/ounce and then fall to $1,950/ounce due to investors' profit-taking psychology.

Forex.com senior market strategist James Stanley also predicts a decline in gold. He explains that gold has risen too quickly in the past two weeks, so profit-taking could be triggered this week.

USD price drops sharply in both directions

The USD exchange rate today fell sharply in both buying and selling directions. The world USD exchange rate is below 106 points.

The central VND/USD exchange rate announced by the State Bank today is adjusted to 24,090 VND/USD, down 20 VND compared to the same time yesterday.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,244 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 25,244 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 24,390 and a selling price of 24,760, down 30 VND at the buying price and down 60 VND at the selling price compared to the closing price of yesterday's trading session. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

Domestic coffee prices rise again

Domestic coffee prices updated at 4:12 a.m. on October 24, 2023 increased slightly again, from 300-400 VND/kg, currently the average coffee price in the Central Highlands provinces fluctuates around 60,000 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on October 24, 2023 was 60,000 VND/kg. In Dak Nong province, it was purchased at 60,100 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 59,400 VND/kg.

In Cu M'gar district, Dak Lak province, coffee price is currently at 60,200 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 60,300 VND/kg.

According to the latest data from the General Department of Customs, Vietnam exported 50,967 tons of coffee (equivalent to 849,450 60kg bags) in September, down sharply by 39.8% compared to August and 47.2% compared to the same period in 2022. Cumulative coffee exports in the first 9 months of this year stood at 1.25 million tons, down 8.3% compared to the same period in 2022 and the total export value was 0.7% higher than the same period last year.