| Economic and market news on March 4, 2024: World gold prices tend to decrease, domestic prices remain high. Gold price today March 5, 2024: Gold prices "skyrocketed" to mark an all-time high. |
Gold prices continue to rise
The world gold price today (March 5) had a spectacular breakthrough, the spot price increased by 34.9 USD to 2,115.1 USD/ounce. Gold futures last traded at 2,124.4 USD/ounce, up 28.7 USD compared to early yesterday morning.
Domestic gold bar prices also continue to fluctuate. Currently, the price of SJC brand gold bars is listed at 78.90 million VND/tael for buying and 80.75 million VND/tael for selling. Thus, compared to early this morning, the price of SJC gold has been adjusted up 600,000 VND for buying and 100,000 VND for selling.
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| Domestic gold price today "climbs" following world price |
Ring gold also increased following the world gold price. At Bao Tin Minh Chau, at 9am this morning, the ring gold price was trading around 67.38 million VND/tael for buying and 68.58 million VND/tael for selling.
USD down
Early on the morning of March 5, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD increased by 2 VND, currently at 24,004 VND. Meanwhile, in the US market, the US Dollar Index (DXY), which measures the fluctuations of the greenback against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), decreased by 0.03%, to 103.83.
The dollar slipped against the euro ahead of this week's round of news on the UK budget, European Central Bank meeting and US jobs data.
Markets had priced in the first rate cut early this year in 2024. However, as economic data showed the US economy remained solid while inflation remained stubborn, traders have reduced bets on early rate cuts from the Fed.
Pepper exports increase sharply
In the first two months of this year, the average export price of pepper reached 4,041 USD/ton, up 28.7% over the same period in 2023. The main reason is that black pepper in the domestic market fluctuated in an upward trend and remained at a high level, while the harvest output was not much. Pepper prices currently peaked at 96,000 VND/kg. In addition, the strong demand for pepper from China pushed up prices.
Vietnam is the world's largest pepper exporter. Last year, our country exported pepper to more than 100 countries and territories, of which China was the largest market.
Proposal to change conditions for purchasing social housing
The Ministry of Construction is seeking comments on a draft Decree on the development and management of social housing, which includes a proposal to relax income requirements for buyers.
Accordingly, the income conditions for social housing buyers proposed in the draft Decree on the development and management of social housing must meet the following conditions: The average monthly income of the applicant and his/her spouse must not exceed 15 million VND/month calculated according to the salary and wage table confirmed by the agency or unit where the applicant works. The period for determining the income conditions must be within 3 years immediately preceding the year of consideration for purchasing or leasing social housing.
Thus, compared with the old regulations, the income level of social housing buyers has been proposed by the Ministry of Construction to increase by 4 million compared to the previous regulation.
Hanoi speeds up progress of 49 investment projects
Hanoi will inspect and evaluate 49 investment projects, including 30 public investment projects and 19 non-budget projects.
In 2024, the Prime Minister assigned Hanoi's public investment plan to be VND81,033 billion, 1.72 times higher than in early 2023; of which, investment from land use revenue is VND36,100 billion, 2.24 times higher than the 2023 plan assigned at the beginning of the year.
Forecasting that 2024 will still face many challenges and difficulties in terms of disbursement rate, capital mobilization and existing problems and transitional issues, the Hanoi People's Committee requested relevant sectors, localities and units to have drastic solutions from the beginning of the year to fully disburse the assigned capital plan.
The city requires accelerating the implementation and disbursement of the 2024 public investment plan at the city and district levels; focusing on key projects and works of the city and projects assigned with capital plans for 2024.
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