| Economist talks about steps to return gold to the market The time of gold rings and the story of gold market management |
Gold price today
World gold prices this morning (March 18) tended to increase, with spot gold increasing by 2.3 USD compared to the closing price last week to 2,158 USD/ounce.
Gold prices came under pressure last week after a hotter-than-expected inflation report. The yellow metal ended the week down 0.8%, its first weekly decline after four weeks of gains.
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| Forecast a difficult week for the gold market |
Domestically, at 8:00 a.m. this morning, the price of SJC brand gold bars was listed at 79.60 million VND/tael for buying and 81.45 million VND/tael for selling, unchanged from yesterday afternoon.
Gold rings continue to plummet. At Bao Tin Minh Chau, the price of gold rings at 8am this morning was listed at 68.13 million VND/tael for buying and 69.38 million VND/tael for selling.
Experts say this week will be a relatively difficult week for the gold market as the Fed discusses its upcoming policy direction and issues updated economic forecasts.
Gasoline prices increase
According to Dailyfx, at 5:30 a.m. on March 18 (Vietnam time), Brent and WTI oil prices increased slightly. In the world market, WTI oil price reached 80.61 USD/barrel, up 3.18 USD/barrel. Meanwhile, Brent oil price reached 84.91 USD/barrel, up 3.28 USD/barrel at 6:25 a.m. on March 18, Vietnam time.
The OPEC+ alliance, which includes OPEC and allied oil-producing countries, has extended production cuts until the end of the second quarter of 2024. At the same time, Ukraine's attacks on a series of major Russian oil refineries could significantly reduce Russia's oil production capacity.
Domestically, gasoline prices today are as follows: E5 RON 92 gasoline is not more than VND 22,490/liter; RON 95-III gasoline is not more than VND 23,543/liter; diesel oil is not more than VND 20,549/liter; kerosene is not more than VND 20,706/liter; mazut oil is not more than VND 16,432/kg.
7,500 billion VND of corporate bonds issued in the first 2 months of the year
In the first two months of the year, there were 13 corporate bond issuances with a total value of nearly VND7,500 billion, 8.2 times higher than the same period last year. This is the way many businesses choose to use medium and long-term loans to minimize costs. At the same time, increase production scale and expand the market in the current context.
Of the nearly 7,500 billion VND, the highest proportion is in the real estate and construction business group, accounting for more than 73%, the securities and banking group is in second place with more than 16%. The rest is trade and services.
More than 87% of bond buyers are institutional investors and foreign investors.
Freight charges increase
The tensions in the Red Sea have damaged the import and export activities of many countries, and Vietnam is no exception. Some of the negative impacts that can be seen immediately are increased freight rates, shortages of empty containers, longer shipping times, and impacts on the ability to meet import and export orders.
Shipping rates have increased by 50-70% as tensions in the Red Sea escalate, causing businesses to worry and demand sanctions against shipping lines that take advantage of the fee hikes.
Freight rates from Vietnam to Europe have increased, with the price to Hamburg, Germany, increasing nearly threefold from December 2023 to January 2024. A cargo ship from Singapore to Rotterdam, which normally takes 26 days, is now 10 days slower due to a reroute around Africa's Cape of Good Hope.
Each 40ft container of wood imported from Europe costs more than 500 USD due to the impact of the Red Sea tension.
The real estate market has just begun to recover and is worried about price increases.
Although there has been a recovery and businesses are launching new products to catch up with the new market cycle, the worrying thing is that the selling prices of both new and old products on the secondary market have begun to increase.
For example, at the Eaton Park Project (Thu Duc City), although the official price has not been announced, according to brokerage units, the selling price will be around 6,000 - 7,000 USD/m2 (equivalent to 147.6 - 172.2 million VND/m2).
Or the luxury apartment project in Van Phuc Urban Area (also in Thu Duc City), according to the investor's representative, the selling price is not less than 100 million VND/m2. Similarly, the luxury apartment project located in The Global City urban area of Masterise Homes also has a selling price from 100 million VND/m2 or more, the townhouse product in this project alone was sold on the market at a price of 400 million VND/m2.
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