| Economic and market news on March 9, 2024: Gold prices continue to increase Gold prices today March 10, 2024: A week of gold sublimation |
Gold market fluctuates slightly
Gold prices on the Kitco floor closed the trading week at $2,178/ounce, up 0.89% from the beginning of the session. Gold futures for April 2024 delivery on the Comex New York floor traded at $2,186/ounce.
Domestically, today (March 10), the prices of gold brands all fluctuated slightly. At 9:00 a.m. this morning, the price of SJC brand gold bars was listed at 79.70 million VND/tael for buying and 81.90 million VND/tael for selling. Compared to early yesterday morning, the price of SJC gold was adjusted down by more than 300,000 VND for buying but up 100,000 VND for selling.
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| Gold price on the morning of March 10 fluctuated slightly compared to yesterday. |
The price of gold rings has been continuously increasing for the past week. Currently, gold rings at Bao Tin Minh Chau are trading around 69.82 million VND/tael and 71.12 million VND/tael.
Analysts say the recent sharp increase in gold ring prices is due to limited domestic supply as smuggling is tightened and gold trading businesses are not licensed to import raw gold.
On the other hand, a part of the people shifted from holding gold bars to gold rings, due to concerns about changes in policy on gold bars.
Oil prices slow down
Oil prices fell in the first trading session of the week due to headwinds in demand balancing with OPEC+ extending voluntary production cuts of 2.2 million barrels per day into the second quarter of 2024. Brent crude fell nearly $1 in the session while WTI crude fell more than $1.
Oil prices fell more than 1% in the final trading session of the week as markets remained wary of weak Chinese demand despite the upside from OPEC+ supply cuts. Brent crude ended the week at $82.08 a barrel, down 1.8% for the week. WTI crude closed at $78.01 a barrel, down 2.5% for the week.
Domestically, gasoline prices were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of March 7. Accordingly, gasoline prices all decreased with the deepest decrease of 372 VND/liter for RON 95-III gasoline. Kerosene prices decreased the least, 176 VND/liter. Notably, in this management session, only mazut prices increased, 174 VND/kg.
32 ministries and agencies have not yet disbursed public investment
Estimated payment of public investment capital nationwide by the end of February 2024 is over VND 59,998 billion, reaching 8.7% of the total capital plan and 9.13% of the plan assigned by the Prime Minister.
According to the Ministry of Finance, there are 4 ministries, central agencies and 38 localities with good disbursement rates, above the national average, however, there are still 32 ministries and agencies that have not disbursed public investment; there are 6 localities with low disbursement rates of less than 5%.
Fruit and vegetable exports target 6.5 billion USD
Continuing the strong growth momentum in 2023, fruit and vegetable exports in the first two months of this year continued to grow strongly by more than 70%, reaching a value of 970 million USD with key products such as: fresh coconut, dragon fruit, grapefruit, banana, passion fruit, mango, durian. Of which, durian is the dominant product, especially breaking through after the Protocol on official exports to China. This result is creating expectations for the export target of 6.5 billion USD of fruits and vegetables this year.
Apartment rents are rising
Market research data recently released by PropertyGuru Vietnam Company shows that in December 2023, the real estate rental market still faced many difficulties, but there were positive changes in the demand for room rentals.
Specifically, in December 2023, the number of room rental ads nationwide only increased by 4%, but the demand for renting this segment increased sharply by 58%. Ho Chi Minh City is the market that recorded the strongest increase in demand for room rentals, up 6%, while the demand for renting rooms increased by 12% compared to the previous month.
The reason for this situation is that the price of renting apartments has increased continuously, causing people to switch to boarding houses. According to many renters, compared to apartments, high-end boarding houses are currently very popular. The current rental price of boarding houses of about 40 - 50m2 is only 2/3, or even half, of an apartment, suitable for the income of many families.
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