Domestic gold price drops sharply right after God of Wealth's day; Short supply, pepper price increases sharply

Domestic gold price drops sharply right after God of Wealth day

At the time of survey at 5:00 a.m. on February 20, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 74.90 million VND/tael for buying and 77.90 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 75.25 - 78.00 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 75.20 - 78.10 million VND/tael (buy - sell).

Domestic gold fell sharply right after God of Wealth day.

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,017.945 USD/ounce, a difference of 4,715 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 58.988 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16.012 million VND/tael higher than the international gold price.

USD increased slightly across the board

Today, VCB USD continued to increase by 20 VND in both buying and selling directions, world USD continued to increase slightly.

The central VND/USD exchange rate announced by the State Bank today is adjusted to 23,979 VND/USD, an increase of 8 VND compared to the trading session on February 19.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,127 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 25,127 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 24,330 and a selling price of 24,700, an increase of 20 VND compared to the trading session on February 19. 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 104.25 points - down 0.04% compared to the transaction on February 19.

Shortage of supply, pepper prices increase sharply

Pepper prices today are trading around 83,000 - 86,000 VND/kg. Last week, the domestic pepper market increased from 2,500 - 3,000 VND/kg.

Survey shows that pepper prices in the domestic market in the Central Highlands region have stagnated, fluctuating from 83,000 - 85,500 VND/kg, unchanged from yesterday.

In the Southeast region, pepper prices range from 85,000 - 86,000 VND/kg.

Pepper price today is trading around 83,000 - 86,000 VND/kg.

In the world, the pepper market is in a high price phase. For Indonesian pepper, a ton of Lampung black pepper remains at 3,906 USD, Muntok white pepper is 6,159 USD. The price of Brazilian black pepper ASTA 570 continues to remain at 3,000 USD/ton.

Meanwhile, the export price of Vietnamese black pepper 500 g/l today is trading at 3,900 USD/ton, with 550 g/l trading at 4,000 USD/ton, and ASTA white pepper trading at 5,700 USD/ton.

According to the Vietnam Pepper and Spice Association (VPSA), pepper prices have increased sharply due to high demand, increased orders while inventories have decreased. The new crop is in the harvest season, but Vietnam's pepper output this year may decrease by about 10-15% to 160,000-165,000 tons.

Due to the impact of climate change, the 2024 harvest will be later than in 2023. Vietnam's pepper output in 2024 is expected to reach only 170 thousand tons, down 10.5% compared to 2023. Pepper prices in the domestic market have increased due to limited supply.

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