The USD exchange rate and white sugar continue their strong upward trend; domestic coffee prices reach a high of 65,800 VND/kg.

USD VCB continues its strong upward trend.

The central USD/VND exchange rate today (August 29) was announced by the State Bank of Vietnam at 23,960 VND/USD, an increase of 18 dong compared to the rate listed on August 28, while the global USD exchange rate decreased slightly.

Currently, the USD exchange rate that commercial banks are allowed to trade is from 23,400 to 25,108 VND/USD. The selling rate has also been set by the State Bank of Vietnam's Exchange Department within the same range of 23,400 - 25,108 VND/USD.

This morning, the USD exchange rate and domestic foreign exchange rates saw a series of upward adjustments at various banks. Specifically, Vietcombank increased the buying rate by 85 dong to 23,895 VND/USD and the selling rate to 24,235 VND/USD. The current buying and selling prices of USD are in the range of 23,400 - 25,200 VND/USD.

On the global market, at the close of trading early this morning (Vietnam time), the US dollar quickly climbed to its highest level in nine months against the Japanese yen, while falling against many other currencies. Currently, the US dollar has reached 146.75 Japanese yen, its highest peak since November last year, and closed the trading session at 146.51, up 0.05% for the day.

This stems from investors' anticipation of a series of key economic data releases later this week, coupled with interest in potential interventions to support the struggling Japanese yen.

World gold prices rose to $1,924.4 per ounce.

Today, August 29th, the price of gold on the Kitco exchange continued to rise to $1,924.4 USD/oz, equivalent to 56.08 million VND/ounce.

On the global market, early this morning, August 29th (Vietnam time), the spot gold price on the Kitco exchange was $1,924.4 USD/oz, an increase of $6 USD/oz compared to the same morning.

Converting the world gold price using the foreign exchange rate at Vietcombank: 1 USD = 24,190 VND, the world gold price is equivalent to 56.08 million VND/ounce, which is 12.02 million VND/ounce lower than the selling price of SJC gold at the end of August 28th.

At the close of trading on August 28th, Saigon Jewelry Company listed the buying price of gold at 67.5 million VND/ounce; the selling price was 68.1 million VND/ounce, an increase of 50,000 VND/ounce in both buying and selling prices compared to the opening of the trading session that morning. The difference between the selling and buying price of gold remains high at 600,000 VND/ounce.

At the same time, DOJI Group listed the buying and selling prices of gold at 67.25 - 68.15 million VND/ounce. Compared to the beginning of the morning session, both the buying and selling prices of gold at DOJI increased by 50,000 VND/ounce. The difference between the buying and selling price of gold at DOJI is currently maintained at 900,000 VND/ounce.

Meanwhile, late in the afternoon of August 28 (Vietnam time), the spot gold price on the Kitco exchange was $1,918.4/oz, up $1.3/oz compared to the beginning of the day.

Sugar prices are continuously rising sharply.

Statistics from the Vietnam Commodity Exchange (MXV) show that sugar prices have been continuously rising in recent days following India's decision to tentatively halt exports. Currently, domestic sugar prices have risen to over 20,000 VND/kg, a 10% increase compared to the beginning of the year and a 12% increase compared to the same period last year.

At the end of the trading week from August 21st to August 27th, the prices of both sugar commodities rose sharply, with increases of 4.50% for 11-grain sugar and 3.26% for white sugar. India plans to ban sugar exports in the 2023/24 crop year, increasing market concerns about potential global supply shortages.

India, the world's leading sugar exporter, has announced plans to ban sugar exports from its factories starting in October. Indian officials stated that sugar exports will depend on domestic sugar production. El Niño, which is causing climate change, is expected to lead to a significant drop in sugar output.

This week, information regarding sugar supply in India and Brazil is likely to remain the focus of the sugar market and will be a major factor influencing price movements throughout the week.

According to the Vietnam Sugar Association, world sugar prices are rising sharply, reaching their highest level in the past decade. This increase in global sugar prices has also led to a rise in domestic sugar prices, prompting sugar mills to increase production capacity. In the near future, several mills in the Central Highlands and Central regions that were previously closed due to raw material shortages will resume operations.

Domestic coffee prices reached a high of 65,800 VND/kg.

Domestic coffee prices on August 29, 2023 remained stable, with an average price of 65,400 VND/kg, and the highest price in Dak Nong province at 65,800 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at 65,100 VND/kg, an increase of 600 VND/kg compared to the previous trading session. In Dak Nong province, coffee was purchased at the highest price of 65,800 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 64,900 VND/kg.

In Cu M'gar district, Dak Lak province, the current price of coffee is 65,500 VND/kg. In Ea H'leo district and Buon Ho town, the same price is being paid: 65,600 VND/kg.

Globally, Robusta coffee prices on the London exchange (UK) remained stable with modest gains at the end of the month, with slight increases of around 1% across all contract periods.