Gold plunges before God of Fortune Day; Coffee prices rise again

Domestic gold continues to plummet

Gold priceToday, domestic gold prices continued to plummet, dropping more than 400,000 VND/tael before the God of Wealth holiday, while world gold prices continued to increase slightly.

Survey at 5:00 a.m. on February 17, 2024, on the trading floors of some companies as follows:

Today's 9999 gold price is listed by DOJI at 76.15 million VND/tael for buying and 78.35 million VND/tael for selling.

At Mi Hong Jewelry Company, SJC gold price is at 76.90 - 77.90 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 76.35 - 78.25 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,012,250 USD/ounce, a difference of 8 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 58,773 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 17,427 million VND/tael higher than the international gold price.

Crude oil prices continue to fall

In the world market,gasoline pricesToday, February 17, continued to decline following the previous session's decline.

In the trading session on February 16, oil prices reversed course after unexpectedly increasing more than 1% in the previous session.

According to data from Oilprice, at 8:03 p.m. on February 16 (Vietnam time), Brent oil price was trading at $82.08/barrel, down $0.78, or 0.94%, compared to the previous session. WTI oil price was at $77.41/barrel, down $0.62, or 0.79%, compared to the previous session.

Oil prices fell on forecasts of slower demand this year from the International Energy Agency (IEA).

A recent report by the IEA said that global demand for “black gold” is declining, forcing the agency to cut its 2024 oil growth forecast from 1.24 million barrels/day to 1.22 million barrels/day.

Meanwhile, the IEA estimates supply will increase by 1.7 million barrels per day this year, up sharply from its previous forecast of 1.5 million barrels per day.

Domestic steel prices unlikely to increase sharply

Steel pricesToday, February 17, on the Shanghai Stock Exchange, it increased by 23 yuan to 3,831 yuan/ton.

The May iron ore futures contract on China's Dalian Commodity Exchange (DCE) closed up 2.4% at 963.50 yuan ($133.90) a tonne.

The most-traded iron ore contract for March delivery on the Singapore Exchange (SGX) rose 2.4% to $128 a tonne.

Looking forward to 2024, SSI Research expects steel prices to increase slightly due to the slight reduction in global supply pressure due to the recent significant decline in steel production in China. However, steel prices will hardly increase sharply in 2024 due to the slow recovery of the Chinese real estate market, while the increase in steel prices and profit margins compared to raw material costs may stimulate the return of production activities in China.

However, experts still expect the steel market to recover better, with the main driving force coming from the steel price starting to increase again. In addition, the recovery of domestic real estate supply and the boosted public investment are also major driving forces to improve steel demand in the coming time.

Coffee prices rise again

Domestic coffee prices were updated at 5:00 a.m. on February 17, reversing and increasing again, with a significant increase, currently averaging 78,700 VND/kg in the Central Highlands provinces, with the highest purchase price in Dak Nong province being 79,200 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 78,700 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 79,200 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 78,000 VND/kg.

Coffee price today (February 17) in Dak Lak province today in Cu M'gar district coffee is purchased at 78,800 VND/kg, and in Ea H'leo district, Buon Ho town it is purchased at the same price of 78,900 VND/kg./.