Domestic gold price stands at 67.1 million VND/tael; Rice and coffee prices continue to increase

Domestic gold price stands at 67.1 million VND/tael

Domestic gold price on July 24 remained stable while world gold price continued to decrease. SJC gold price was listed at 67.1 million VND/tael for sale, world gold price was 1,961.9 USD/oz.

Saigon Jewelry Company listed the gold buying price at the end of the session on July 23 at 66.4 million VND/tael; the selling price was 67.1 million VND/tael. Compared to the opening of the trading session, the SJC gold price remained the same in both buying and selling prices. The difference between the buying and selling prices of SJC gold is 700,000 VND/tael.

At the same time, DOJI Group listed the buying and selling price of gold at 66.5 - 67.2 million VND/tael, unchanged in both buying and selling prices compared to the opening of the trading session last weekend. The difference in buying and selling prices of DOJI gold is 700,000 VND/tael.

At the end of the afternoon of July 23 (Vietnam time), the gold price traded on Kitco floor was listed at 1,961.9 USD/oz, down 2 USD/oz compared to the closing price of the weekend trading session.

Converting world gold price according to foreign exchange rate at Vietcombank: 1 USD = 23,820 VND, world gold price is equivalent to 56.3 million VND/tael, 10.8 million VND/tael lower than SJC gold selling price at the same time.

Rice price increased by 200 VND/kg every day

Rice prices today, July 24, 2023, in the domestic market continued to increase. The rice market is bustling.

Accordingly, at An Giang warehouse, IR504 rice is being purchased by traders at 6,700 - 6,900 VND/kg; Dai Thom 8 rice is at 6,900 - 7,100 VND/kg; OM 5451 rice fluctuates at 6,400 - 6,600 VND/kg; OM 18 rice is at 6,600 - 6,800 VND/kg; Nang Hoa 9 is at 6,600 - 6,800 VND/kg; Nhat rice is also stable at 7,800 - 8,000 VND/kg; Nang Nhen rice (dry) is at 13,000 VND/kg.

Regarding rice, the price of raw rice and finished products has been adjusted up by 50-100 VND/kg. Accordingly, IR 504 raw rice is at 10,200-10,300 VND/kg, up 50 VND/kg. Finished rice is at 11,700-11,800 VND/kg, up 100 VND/kg.

According to traders, the amount of rice imported is less than yesterday, rice trading in the market is quiet. Rice prices tend to increase.

Last week, domestic rice prices increased. Domestic rice transactions were active. Rice prices mostly recorded an upward trend compared to the previous week.

Domestic coffee prices continue to increase

Domestic coffee prices on July 24, in the Central Highlands provinces, were highest at 66,900 VND/kg.

Last week, domestic coffee prices continued to increase, up to 1,300 VND/kg (compared to prices on July 17).

Specifically, 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 a price of 66,100 - 66,200 VND/kg.

Coffee prices in Gia Lai and Kon Tum provinces stood at 66,500 VND/kg.

Coffee price in Dak Lak province today, Cu M'gar district coffee price is currently at 66,600 VND/kg. Meanwhile in Ea H'leo district, Buon Ho town is purchased at the same price of 66,700 VND/kg.

Currently, domestic and international coffee prices are at a high level compared to recent years, creating an opportunity for Vietnam to maintain a coffee export turnover of over 4 billion USD, a record set in 2022.

In addition to the support from the scarce supply, the advantage of cheaper price compared to Arabica coffee opens up a competitive advantage for Robusta coffee in the context of increasing concerns about economic recession in the world. This is also an important factor creating the premise to boost coffee exports in Vietnam.

Reasons for falling pepper prices

Pepper prices today, July 24, 2023, in the domestic market continue to trend sideways. Accordingly, pepper prices in the Central Highlands provinces are purchased by traders around 67,000 - 68,000 VND/kg.

Specifically, the price of Chu Se pepper (Gia Lai) has not fluctuated. Accordingly, the price of Chu Se pepper is being purchased by traders at 67,000 VND/kg. Today's pepper price in Dak Lak and pepper price in Dak Nong are both maintained at 68,000 VND/kg.

In the Southeast region, pepper prices remain stable today. Currently, pepper prices in this region are being purchased around 68,500 - 70,000 VND/kg.

Accordingly, in Dong Nai, pepper price is 68,500 VND/kg. Binh Phuoc pepper price is at 69,000 VND/kg. Ba Ria Vung Tau pepper price is still the highest and today is purchased by traders at 70,000 VND/kg.

Thus, today's pepper prices in the domestic market have not fluctuated compared to yesterday. Regarding the domestic market, this enterprise believes that only about a third of the 2023 crop is still in stock domestically. Prices have recently decreased due to slowing demand from China.

According to experts, the long-term supply and demand dynamics remain unchanged, with reduced planting areas in Vietnam and Indonesia. Low prices in recent times have prompted farmers in these countries to switch to alternative crops. A similar situation has been observed in Brazil, which has seen a good coffee crop this year.

The international pepper community has warned that the global market will remain lackluster as slowing global economic growth and weak demand from the US and Europe will hamper price increases. Meanwhile, speculators are pumping money into robusta coffee rather than pepper.