Gold under pressure; Coffee prices continue to rise

USD exchange rate increased slightly

The central USD/VND exchange rate today (August 27) was announced by the State Bank of Vietnam (SBV) at 23,942 VND/USD, an increase of 44 VND compared to the listed rate on August 25.

USD price today (August 27) increased slightly.

USD exchange rate, USD/VND exchange rate, black market USD price, USD VCB covered in green with USD exchange rate in the world. Currently, the selling price of USD VCB is 24,150.

Currently, the USD exchange rate that commercial banks are allowed to trade is from 23,400 - 25,089 VND/USD. The selling exchange rate is also adjusted by the State Bank of Vietnam to the buying and selling range of 23,400 - 25,089 VND/USD.

Gold faces many disadvantages

At the end of the trading session on August 26, the price of 9999 gold bars at SJC Ho Chi Minh City was 67.35 million VND/tael (buy) and 68.05 million VND/tael (sell). SJC Hanoi listed at 67.35 million VND/tael (buy) and 67.97 million VND/tael (sell).

Doji Hanoi listed at 67.2 million VND/tael (buy) and 68.1 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 67.3 million VND/tael and sold at 68 million VND/tael.

World gold prices fluctuate little. Photo: Kitco

On the world market, the spot gold price on Kitco on August 26 (at 6:00 p.m., Vietnam time) was trading at 1,914 USD/ounce.

Craig Erlam, senior market analyst at Oanda, said that gold's upside momentum could be limited in the near term. Information from the conference and the Fed's stance suggest that interest rates will remain high in the near term, and the USD will appreciate. This is unfavorable for gold.

Economic uncertainty in China and the threat of stagnant inflation in Europe will support safe-haven demand for gold, said Christopher Vecchio, head of futures and foreign exchange at Tastylive. However, the market is not ready to move higher. Gold could trade around $1,900 an ounce.

Pig price trend down this week

In general, last week (from August 21 to August 27, 2023), the price of live pigs fluctuated in a downward trend across the board and fell below VND 60,000/kg. Accordingly, recorded on the weekend (August 27, 2023), the average price of live pigs in the Northern region stood at VND 59,530/kg; the Central - Central Highlands region stood at VND 58,140/kg; the Southern region stood at VND 57,780/kg.

Pig price today (August 27): Recorded highest level of 59,000 VND/kg.

The decline in pork prices throughout August 2023 was beyond the predictions of experts and businesses. Previously, many opinions said that pork prices would fluctuate up and down and hover around the range of about 60,000 - 65,000 VND/kg.

Although the price of live pigs is on a steady downward trend, the price of pork is still at 82,000 - 83,000 VND/kg. The price of pork at traditional markets in Hanoi is generally around 100,000 - 130,000 VND/kg. Consumption in the market is quite slow.

Coffee prices continue to rise

Domestic coffee prices on August 27 increased slightly, reaching an average price of 65,400 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at VND65,100/kg, up VND500/kg compared to the previous session. In Dak Nong province, coffee was purchased at the highest price of VND65,800/kg.

Coffee selling price on August 27 was at an average of 65,400 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province is purchased at 64,900 VND/kg. In Dak Lak province today, it is purchased at the same price of 64,600 - 65,600 VND/kg.

World coffee prices, at the end of the weekend trading session, Robusta coffee prices on the ICE Europe - London exchange extended the recovery streak for the 5th session. The November spot futures increased by 31 USD, to 2,437 USD/ton and the January 2024 futures increased by 24 USD, to 2,349 USD/ton, the March 2024 futures increased to 2,322 USD/ton, very significant increases. Trading volume was at an average level./.

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