Gold and crude oil prices continue to rise globally.
(Baonghean.vn) - Global gold prices rose sharply; crude oil continued its upward trend after two consecutive days of gains; and domestic coffee prices also edged up slightly – these are the market news updates for October 14th.
Gold prices on the world market have risen sharply.
Domestic gold,Closing session on October 13th,gold priceAt SJC Ho Chi Minh City, the price of 9999 gold bars is 69.5 million VND/ounce (buying price) and 70.2 million VND/ounce (selling price). SJC Hanoi lists the price at 69.5 million VND/ounce (buying price) and 70.22 million VND/ounce (selling price).
In the international market,The spot gold price on the Kitco exchange (at 9 PM, Vietnam time) was trading at $1,913 per ounce.
Gold prices surged in early US trading, driven by stronger safe-haven demand amid escalating tensions in the conflict between Israel and Hamas.
As conflict threatens to spread in the Middle East, gold prices could continue to rise, similar to what happened during the earlier conflict between Russia and Ukraine.
Experts believe the US Federal Reserve (Fed) is unlikely to bring inflation back to its 2% target before being forced to cut interest rates.
According to the CME Fedwatch tool, traders assess a 38% chance that the Fed will raise interest rates in December, compared to about a 28% chance before the report was released.
Edward Moya, an expert at Oanda, predicts that gold prices could trade within the range of $1,860-$1,920 per ounce in the near future.
World crude oil prices continue to rise.
Fuel pricesOn the global market, today (October 14th) the upward trend from the previous two sessions continued.
At 8:25 PM on October 13th (Vietnam time), Brent crude oil prices rose to $89.34 per barrel, an increase of $3.34, or 3.88%, compared to the previous session. WTI crude oil prices were at $86.27 per barrel, an increase of $3.36, or 4.05%, compared to the previous session.
According to analysts, oil prices are rising due to concerns about tightening supply. Prices surged after the US tightened sanctions on Russian crude oil exports, increasing worries about supply and a projected decline in global inventories in the fourth quarter.
Russia is currently the world's second-largest oil producer, after Saudi Arabia. It is also one of the world's major oil exporters. The tightening of US policies on Russian oil exports could reduce supply.
Supply issues remain central to the oil market. Investor sentiment has also been impacted after the Organization of Petroleum Exporting Countries (OPEC) projected a 3 million barrel/day decrease in crude oil inventories this quarter.
Meanwhile, on October 12, the International Energy Agency (IEA) lowered its forecast for global oil demand growth in 2024 to 880,000 barrels per day, down from the 1 million barrels per day forecast the previous month.
Domestic coffee prices have increased slightly.
PricecoffeeDomestic coffee prices, updated at 4:42 AM on October 14th, reversed course and increased by 100 VND/kg. Currently, the average price of coffee in the Central Highlands provinces is around 63,300 VND/kg.
Specifically, the purchase price of coffee in Gia Lai and Kon Tum provinces on October 14th was 63,300 VND/kg. In Dak Nong province, coffee was purchased at 63,400 VND/kg.
In Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, the price of bulk green coffee beans (green coffee beans, fresh coffee beans) is 62,900 VND/kg.
In Dak Lak province today, in Cu M'gar district, the price of coffee is currently 63,300 VND/kg. In Ea H'leo district and Buon Ho town, the same price is being paid at 63,400 VND/kg.