Japanese Yen exchange rate changes direction and increases sharply; Gold price continues to decrease sharply

Japanese Yen Exchange Ratechange direction sharply

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 exchange rate increased 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 0.91 VND and the selling rate increased 0.96 VND, reaching 160.22 VND/JPY and 162.52 VND/JPY respectively. At Agribank, the buying and selling rates 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, to 160.87 VND/JPY and 165.45 VND/JPY, respectively. At Techcombank, the Japanese Yen exchange rate increased by 0.9 VND and the selling rate increased by 0.89 VND, to 156.75 VND/JPY and 169.03 VND/JPY, respectively. At Sacombank, the Japanese Yen exchange rate increased by 0.91 VND, to 160.98 VND/JPY, and by 0.97 VND, 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 prices rose 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.

The January 2024 iron ore futures contract on China's Dalian Commodity Exchange (DCE) also rose 2.51% to 919.5 yuan ($125.63) a tonne, its highest since March 17.

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

Kyoei Steel Vietnam reduced the price of CB240 coil steel by VND200,000/ton to VND13.46 million/ton. D10 CB300 steel remained unchanged at VND13.71 million/ton.

Pomina Steel also reduced the price of CB240 rolled steel by VND110,000/ton 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 the export price of steel.

With this current situation, VSA expects the decline in steel prices to continue from now until the end of the year.