Gold prices skyrocket; Domestic steel prices forecast to remain stable until Lunar New Year
(Baonghean.vn) - Today's market information: Gold prices skyrocketed; Domestic steel prices are forecast to remain stable until Lunar New Year; USD prices have reversed and decreased; Japanese Yen exchange rate has reversed and increased again...
Gold prices skyrocketed
Today, domestic gold increased by 400,000 VND/tael, bringing the gold price to around 78.3 million VND/tael, while world gold prices continued to increase.
At the time of survey at 5:00 a.m. on February 2, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 75.85 million VND/tael for buying and 78.25 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 76.15 - 78.20 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 76.00 - 78.42 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,055.535 USD/ounce, a difference of 17,185 USD/ounce compared to the gold price in yesterday's trading session. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.791 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16.209 million VND/tael higher than the international gold price.
Domestic steel prices are forecast to remain stable until Lunar New Year.
Steel prices on the Shanghai Futures Exchange fell 22 yuan/ton today. Domestic steel prices are stable.
Steel futures for May 2024 delivery on the Shanghai Futures Exchange fell 22 yuan to 3,875 yuan a tonne. China's manufacturing activity contracted for a fourth straight month in January, a survey conducted on January 31 showed, suggesting the sector is struggling to regain momentum in early 2024.
In the first month of 2024, domestic construction steel prices were adjusted up twice in a row, and since the end of November 2023, there have been 5 consecutive steel price increases.
According to Vietnam Steel Corporation, the domestic steel market from now until Lunar New Year is expected to be stable in price, however, the consumption rate in the market is slowing down as Tet is approaching.
The purchasing power of the domestic steel market is expected to recover after Tet. According to experts, steel prices are likely to resume their upward trend after the Lunar New Year holiday and the adjustment of finished steel prices will closely follow the price movements of input materials such as steel billets, scrap steel, etc.
USD turns to decrease
USD exchange rate today February 2, 2024, USD VCB adjusted down slightly by 15 VND in both buying and selling directions, world USD turned to slide.
The central VND/USD exchange rate announced by the State Bank today is adjusted to 23,960 VND/USD, down 63 VND compared to the trading session on January 1.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,108 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 25,108 VND/USD.
In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.06 points - down 0.21% compared to January 1.
Japanese Yen exchange rate reverses and bounces back
Japanese Yen exchange rates surveyed on the morning of February 2, 2024 at specific banks are as follows:
At Vietcombank, the buying rate is 161.38 VND/JPY and the selling rate is 170.81 VND/JPY, up 1.1 VND for buying and 1.17 VND for selling. At Vietinbank, the Yen rate increased by 0.95 VND for buying and selling, equivalent to 162.00 VND/JPY and 171.70 VND/JPY. At BIDV, the Japanese Yen rate increased by 0.99 VND for buying and 1.05 VND for selling, reaching 162.28 VND/JPY and 170.89 VND/JPY, respectively. At Agribank, the Japanese Yen rate was 162.96 VND/JPY and 168.73 VND/JPY - up 0.71 VND for buying and 0.75 VND for selling.
At Eximbank, the buying rate increased by 1 VND and the selling rate increased by 1.02 VND, respectively, to 163.84 VND/JPY and 168.53 VND/JPY. At Techcombank, the Japanese Yen exchange rate increased by 1.09 VND and the selling rate increased by 1.1 VND, respectively, to 159.67 VND/JPY and 170.68 VND/JPY. At Sacombank, the Japanese Yen exchange rate increased by 0.79 VND and the selling rate increased by 0.82 VND, respectively, to 164.30 VND/JPY and 169.41 VND/JPY.
According to the survey, today 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.
