Gold surges, continues to set new highs
Today, SJC gold increased by 400,000 VND/tael in both buying and selling directions, at the same time, world gold continued to increase strongly and set a new peak.
At the time of survey at 5:00 a.m. on March 6, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 78.75 million VND/tael for buying and 80.75 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 78.85 - 80.70 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 78.85 - 80.90 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,129.565 USD/ounce, a difference of 11.67 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 62.634 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16.166 million VND/tael higher than the international gold price.
USD plummets
Today's USD exchange rate continued to increase by 10 dong in both buying and selling directions, while the world USD plummeted.
The central VND/USD exchange rate announced by the State Bank is adjusted to 24,012 VND/USD, an increase of 8 VND compared to the trading session on March 5.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,162 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 25,162 VND/USD.
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 24,480 and a selling price of 24,850, an increase of 10 VND compared to the trading session on March 5. 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 103.77 points - down 0.06% compared to trading on March 5.
Hot rolled steel prices may cool down in March
Today, the price of steel for delivery in May 2024 on the exchange decreased, hot-rolled steel prices in the domestic market are expected to cool down in March.
The price of steel for May 2024 delivery on the Shanghai Futures Exchange fell 60 yuan to 3,698 yuan/ton.
The May iron ore futures contract on China’s Dalian Commodity Exchange (DCE) closed 1.75% lower at 871.5 yuan ($121.09) a tonne, down 3.6% from a week earlier.
According to market research firm Kallanish, the hot-rolled coil (HRC) market in Vietnam is sluggish amid weak demand. Notably, last week, Formosa Ha Tinh Steel (FHS) reduced HRC prices for shipments in the domestic market.
Accordingly, FHS has reduced the selling price by about 10 USD/ton to about 598 USD/ton for orders with volume over 20,000 tons. Orders from 10,000 - 20,000 tons are offered at 602 USD/ton, with SAE 1006 HRC and SS400 HRC, for shipment in April - May 2024.
Hoa Phat Dung Quat Plant of Hoa Phat Group may also reduce HRC selling price this March to increase competitiveness in the market. Kallanish commented that Hoa Phat Group may lower HRC price to 580-590/ton CFR Vietnam.
Domestic coffee prices increase, continuously setting new peaks
Updated at 4:12 a.m. on March 6, domestic coffee prices continue to rise and continuously set new peaks. Currently, the average purchase price in the Central Highlands provinces is 86,800 VND/kg, the highest purchase price in Dak Nong province is 87,100 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 86,800 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 87,100 VND/kg.
Green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, are purchased at 86,200 VND/kg.
In Cu M'gar district, Dak Lak province, coffee is purchased at 86,900 VND/kg, while in Ea H'leo district, Buon Ho town, it is purchased at the same price of 87,000 VND/kg.
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