Gold 'skyrockets', SJC breaks record to reach 78.4 million VND; USD continues to fall

Gold "skyrockets", SJC breaks record to reach 78.4 million VND

At the time of survey at 5:00 a.m. on December 26, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 77.30 million VND/tael for buying and 78.50 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 77.40 - 78.40 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 77.50 - 78.50 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 77.30 - 78.70 million VND/tael (buy - sell).

Domestic and international USD continue to decrease

The USD/VND exchange rate today sharply decreased by 100 VND in both buying and selling directions. The world USD has not stopped decreasing, still maintaining a low level.

The central VND/USD exchange rate announced by the State Bank is adjusted to 23,915 VND/USD, down 20 VND compared to the closing price of the trading session on December 25.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,039 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,039 VND/USD.

The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of downward adjustments at banks. Specifically, Vietcombank has a buying price of 24,030 and a selling price of 24,400, maintaining a decrease of 100 VND compared to the trading session on December 25. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

PriceWorld steel price increases, domestic price is stable

The price of steel for May 2024 delivery on the Shanghai exchange increased by 10 yuan to 3,948 yuan/ton.

On the raw material side, iron ore futures on the Dalian Commodity Exchange rose for a fourth straight session. Iron ore closed 3% higher at 973 yuan ($136.16) a tonne, posting a weekly gain of 3.2%.

On the Singapore Exchange (SGX), the benchmark iron ore price for January delivery rose 1.1% to $137.5 a tonne and was up 2.7% for the week.

According to analysis from experts, with the iron ore futures contract on the SGX breaking out of the 62% resistance level at approximately $136/ton, the market is ready to target $145 - $158/ton in the next quarter.

The forecast is driven by increased output from China’s blast furnaces as they work to replenish domestic iron ore reserves, while also accounting for the need to offset expected inventory losses from seasonal mine maintenance programs in the first quarter.

Since the beginning of 2023, the domestic construction steel market in Vietnam has had about 34 official price adjustments, including 21 price reductions with a total decrease of VND 2.15 - 2.35 million/ton for coil steel and VND 1.9 - 2 million/ton for rebar steel, with the price reduction in the Southern market being higher than in the Northern market. The remaining 13 official price increases have had a total increase to date of VND 1.8 million/ton for coil steel and VND 1.55 - 1.95 million/ton for rebar steel.

Thus, up to now, the price of construction steel in 2023 has a main downward trend and the average price of construction steel in the domestic market in 2023 will decrease by 9.6 - 10.4% compared to 2022.

On the other hand, the current construction season has also caused high domestic demand, pushing steel prices up continuously. In the coming time, the Vietnam Steel Association believes that steel prices may continue to increase with a slight margin, about 100,000 - 150,000 VND/ton for each price increase period.