Domestic USD reverses to increase, world continues to decline; Gold increases 'skyrocketing'

Domestic USD reverses to increase, world continues to decline

USD exchange rate today March 5, 2024, USD VCB reversed to increase by 30 VND in both buying and selling directions, while the world USD continued to decline.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,004 VND/USD, up 2 VND compared to the trading session on March 4.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,154 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,154 VND/USD.

Today, VCB USD reversed and increased by 30 VND in both buying and selling directions, while the world USD continued to decline.

The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 24,470 and a selling price of 24,840, an increase of 30 VND compared to the trading session on March 4. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.83 points - down 0.03% compared to trading on March 4.

Gold soars to all-time high

Today, SJC gold increased the most by 900,000 VND/tael in the buying direction, world gold increased "skyrocketing" to mark an all-time high.

At the time of survey at 5:00 a.m. on March 5, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 78.35 million VND/tael for buying and 80.35 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 78.65 - 80.45 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 78.35 - 80.65 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,117.895 USD/ounce, a difference of 35.165 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 62.27 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16.13 million VND/tael higher than the international gold price.

Domestic coffee prices remain stable at high levels

Domestic coffee prices updated at 4:12 a.m. on March 5, 2024 continued to be stable, remained high and set a new peak. Currently, the average purchase price in the Central Highlands provinces is 85,700 VND/kg, the highest purchase price in Dak Nong province is 86,000 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 85,700 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 86,000 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 is purchased at 85,100 VND/kg.

In Cu M'gar district, Dak Lak province, coffee is purchased at 85,700 VND/kg, while in Ea H'leo district, Buon Ho town, it is purchased at the same price of 85,800 VND/kg.

Vietnam’s General Statistics Office estimates that coffee exports in February fell by nearly 20% to just 160,000 tons of Robusta, while Honduras’ exports in February increased by more than 26% to 932,687 bags of Arabica. However, global coffee prices may come under pressure in the coming weeks as Brazil’s new harvest approaches.

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