Gold and coffee prices continue their strong upward trend; the USD exchange rate reverses course and depreciates.
(Baonghean.vn) - Gold prices (9999, SJC) unexpectedly surged; USD exchange rate reversed course and depreciated; Domestic coffee prices continued to rise; Domestic and international gas prices decreased in the last trading session of the month.
Price of 9999 gold, SJCunexpectedly surged
Domestic and international gold prices unexpectedly surged today.
As of 5:30 AM on August 31st, the gold prices on the exchanges of several companies were as follows:
DOJI lists the price of 9999 gold at 67.40 million VND/ounce for buying and 68.30 million VND/ounce for selling.
Meanwhile, at Mi Hong Gold and Gemstone Company, the listed price of SJC gold at the time of the survey was 67.75 - 68.10 million VND/ounce (buying price - selling price).
At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is also being traded at 67.52 - 68.10 million VND/ounce (buying price - selling price). Meanwhile, at Bao Tin Manh Hai, it is being traded at 67.52 - 68.30 million VND/ounce (buying price - selling price).
According to Kitco, the spot price of gold in the world market at 5:00 AM today (Vietnam time) was $1,944.445 USD/ounce (exchange rate 23975). Converted using the current exchange rate at Vietcombank, the world gold price is approximately VND 55.941 million per tael (excluding taxes and fees). Therefore, the price of SJC gold bars is still VND 11.559 million per tael higher than the international gold price.
USD exchange rateReversing the trend of price declines.
Today (August 31st), the USD/VND exchange rate, the black market USD price, and the VCB USD price depreciated. Meanwhile, the global USD exchange rate unexpectedly fell sharply amid the situation in the US.
The central USD/VND exchange rate announced by the State Bank of Vietnam is 23,978 VND/USD, an increase of 15 dong compared to the rate listed on August 30.
Currently, the USD exchange rate that commercial banks are allowed to trade is between 23,400 and 25,126 VND/USD. The selling rate has also been set by the State Bank of Vietnam's Exchange Department within the buying and selling range of 23,400 - 25,126 VND/USD.
This morning, the USD exchange rate and domestic foreign exchange rates saw a series of downward adjustments at various banks. Specifically, Vietcombank reduced the buying rate by 35 dong to 23,975 and the selling rate to 24,315. The current buying and selling prices of USD are in the range of 23,400 – 25,300 VND/USD.
Domestic and global gas prices fell in the final trading session of the month.
Opening the trading session on the morning of August 31st, today's gas prices in the world market fell by 0.36% to $2.79/mmBTU for the October 2023 natural gas futures contract.
In the domestic market, gas prices in August increased again after two consecutive months of decline. Specifically, the retail price of Petrolimex gas cylinders (including VAT) in Hanoi in August 2023 was 380,160 VND/12 kg household cylinder; and 1,520,640 VND/48 kg industrial cylinder, an increase of 26,360 VND/12 kg cylinder and 105,640 VND/48 kg cylinder respectively (including VAT).
According to a representative from Petrolimex, the reason for the increase in retail gas prices in August is that the average world gas price contract for August was $465/ton, an increase of $77.5/ton compared to July, so the company adjusted prices accordingly.
Similarly, the price of gas from Pacific Petroleum Trading Joint Stock Company increased by 26,000 VND/12 kg cylinder and 108,000 VND/50 kg cylinder. Accordingly, the maximum retail price for consumers of this brand is 411,000 VND/12 kg cylinder and 1,711,000 VND/50 kg cylinder.
Domestic gas prices depend on global developments because domestic supply only accounts for about 60% of consumption.
Several factors can contribute to gas prices, including increased gas production, supply and demand conditions, as well as changes in energy policy and market fluctuations. These fluctuations indicate the current trend in gas prices.
Domestic coffee prices continue to rise.
Domestic coffee prices, after several stable and sideways trading sessions, have begun to show a slight upward trend in recent trading sessions. On August 31st, coffee prices continued to rise slightly, increasing by 100 VND/kg, with the highest price in Dak Nong province reaching 66,000 VND/kg.
Specifically, in Gia Lai and Kon Tum provinces, the price stood at 65,400 VND/kg (an increase of 100 VND/kg) compared to the previous trading session. In Dak Nong province, the highest coffee price was 66,000 VND/kg.
The price of bulk green coffee beans (green coffee beans, fresh coffee beans) in Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, is being purchased at 65,100 VND/kg.
In Cu M'gar district, Dak Lak province, the current price of coffee is 65,700 VND/kg. In Ea H'leo district and Buon Ho town, the same price is being paid: 65,800 VND/kg.
World coffee prices, on both exchanges, saw a slight increase, but the ICE US – New York exchange experienced a consistent rise across all delivery periods.
According to the Vietnam Coffee Association, the sluggish domestic coffee export situation is increasing concerns about a global supply shortage. Specifically, Vietnam's coffee exports in August 2023 reached 90,000 tons, a decrease of 20.4% compared to the 113,039 tons exported during the same period in 2022. According to the General Statistics Office, cumulative coffee exports in the first eight months of 2023 are estimated at approximately 1.207 million tons, a decrease of 4.9% compared to the total coffee exports during the same period last year.