Japanese Yen reverses course and surges; Gold prices continue their sharp decline.

Japanese Yen exchange rateReversed course and surged.

The Japanese Yen exchange rates surveyed at various banks on the morning of November 3rd are as follows:

At Vietcombank, the buying rate for JPY is 158.80 VND/JPY and the selling rate is 168.09 VND/JPY, an increase of 0.95 VND and 1 VND respectively. At Vietinbank, the Yen exchange rate increased by 0.77 VND in both buying and selling directions, equivalent to 159.23 VND/JPY and 168.93 VND/JPY. At BIDV, the buying rate increased by 0.91 VND and the selling rate increased by 0.96 VND, reaching 160.22 VND/JPY and 162.52 VND/JPY respectively. At Agribank, the buying and selling rates are 160.71 VND/JPY and 165.56 VND/JPY respectively – an increase of 1.03 VND in the buying rate and 1.08 VND in the selling rate.

At Eximbank, the Japanese Yen exchange rate increased by 0.77 VND on the buying side and 0.79 VND on the selling side, reaching 160.87 VND/JPY and 165.45 VND/JPY respectively. At Techcombank, the Japanese Yen exchange rate increased by 0.9 VND on the buying side and 0.89 VND on the selling side, reaching 156.75 VND/JPY and 169.03 VND/JPY respectively. At Sacombank, the Japanese Yen exchange rate increased by 0.91 VND on the buying side, corresponding to 160.98 VND/JPY, and increased by 0.97 VND on the selling side, corresponding to 167.57 VND/JPY.

According to our survey, Sacombank has the highest buying rate for the Japanese Yen, while Eximbank has the lowest selling rate among all banks.

Gold prices continue their sharp decline.

Today, the prices of 9999, SJC, 24K, PNJ, and DOJI gold dropped sharply by up to 300,000 VND/ounce. Meanwhile, world gold prices reversed course and rebounded.

As of 5:30 AM on November 3rd, the gold prices on the exchanges of several companies were as follows:

DOJI lists the price of 9999 gold at 69.80 million VND/ounce for buying and 70.60 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 70.00 - 70.50 million VND/ounce (buying price - selling price).

At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is also being traded at 69.96 - 70.60 million VND/ounce (buying price - selling price). Meanwhile, at Bao Tin Manh Hai, it is being traded at 69.96 - 70.80 million VND/ounce (buying price - selling price).

PriceSteel prices rose on the exchange.

Today, steel prices for January 2024 delivery on the Shanghai Futures Exchange rose 4 yuan to 3,746 yuan per ton.

Iron ore futures for January 2024 delivery on China's Dalian Commodity Exchange (DCE) also rose 2.51%, trading at 919.5 yuan per ton (US$125.63 per ton). This is the highest price since March 17.

Domestically, steel prices have remained unchanged for two months following their 19th price drop on September 7th.

Kyoei Vietnam Steel reduced the price of CB240 steel coils by 200,000 VND/ton, to 13.46 million VND/ton. D10 CB300 steel remained unchanged at 13.71 million VND/ton.

Pomina Steel also lowered its prices by 110,000 VND/ton, with CB240 steel coils now priced at 13.48 million VND/ton and ribbed steel bars at 14.38 million VND/ton.

Thus, since the beginning of the year, domestic construction steel prices have fallen sharply 19 times in a row. After these 19 consecutive days of decline, steel prices have reached their lowest point in the past three years.

The Vietnam Steel Association (VSA) stated that the continuous decline in domestic steel prices is due to slow consumption demand. The slow consumption of construction steel stems from the sluggish real estate market and the lack of significant public investment. Furthermore, domestic steel companies are also facing competition from cheaper Chinese steel, as China continues to lower its export prices.

Given this situation, VSA anticipates that the downward trend in steel prices will continue until the end of the year.