Japanese Yen exchange rate changes direction and skyrockets; Gold price continues to fall sharply

Japanese Yen Exchange Ratechange direction spike

Japanese Yen exchange rate surveyed on the morning of November 3 at banks, specifically as follows:

At Vietcombank, the buying rate is 158.80 VND/JPY and the selling rate is 168.09 VND/JPY, up 0.95 VND and 1 VND respectively. At Vietinbank, the Yen rate increased by 0.77 VND in both buying and selling, 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 rate and selling rate were 160.71 VND/JPY and 165.56 VND/JPY, up 1.03 VND in the buying rate and up 1.08 VND in the selling rate.

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

According to a survey by PV, Sacombank is the bank with the highest buying rate of Japanese Yen and Eximbank is the bank with the lowest selling rate among the banks.

Gold prices continue to fall sharply

Today, the price of 9999, SJC, 24K, PNJ, DOJI gold dropped sharply by 300,000 VND/tael. The world gold price turned around and increased again.

At the time of survey at 5:30 a.m. on November 3, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 69.80 million VND/tael for buying and 70.60 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 70.00 - 70.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 69.96 - 70.60 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 69.96 - 70.80 million VND/tael (buy - sell).

PriceSteel up on the stock exchange

Today's steel price for January 2024 delivery on the Shanghai Stock Exchange increased by 4 yuan to 3,746 yuan/ton.

Iron ore futures for January 2024 delivery on China's Dalian Commodity Exchange (DCE) also rose 2.51% to 919.5 yuan ($125.63) a tonne, the highest since March 17.

Domestically, steel prices have remained unchanged for two months after the 19th price reduction on September 7.

Kyoei Vietnam Steel decreased by VND200,000/ton for CB240 coil steel, at VND13.46 million/ton. D10 CB300 steel remained unchanged at VND13.71 million/ton.

Pomina Steel also decreased by VND110,000/ton for CB240 coil steel to VND13.48 million/ton, and rebar steel at VND14.38 million/ton.

Thus, since the beginning of the year, domestic construction steel prices have fallen sharply 19 times in a row. After these 19 sessions of decline, steel prices have “bottomed out” at their lowest level in the past 3 years.

The Vietnam Steel Association (VSA) said that the reason for the continuous decline in domestic steel prices is due to slow consumption demand. The slow consumption of construction steel is due to the gloomy real estate market and the lack of improvement in public investment. Not only that, domestic steel enterprises also have to compete with cheap steel from China as this country continuously lowers its steel export prices.

With this current situation, VSA predicts that the decline in steel prices will not stop from now until the end of the year.