Domestic gold sets new record of 86.5 million VND/tael; Retail gas price drops for second consecutive month

Domestic gold price increases dramatically, setting a new record of 86.5 million VND/tael

Today, SJC gold is steady at a record high of 86 million VND/tael, world gold is forecast to have a week of unexpected fluctuations.

At the time of survey at 5:00 a.m. on May 7, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 84.30 million VND/tael for buying and 85.80 million VND/tael for selling.

Domestic gold price increased dramatically, setting a new record of 86.5 million VND/tael.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 84.70 - 86.00 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 84.35 - 86.45 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 84.35 - 86.65 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,322.70 USD/ounce, a difference of 20.77 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 70.118 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 14.182 million VND/tael higher than the international gold price.

Domestic USD slightly increased, world USD hovered around 105

Today, USD VCB increased slightly in both buying and selling directions, world USD weakened due to hopes of FED interest rate cut.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,245 VND/USD, up 4 VND compared to the trading session on May 6.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,450 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam (SBV) from 23,400 to 25,450 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 25,127 and a selling price of 25,457, an increase of 14 VND in the buying direction and an increase of 4 VND in the selling direction compared to the trading session on May 6. The current USD buying and selling prices are in the range of 24,000 - 25,500 VND/USD.

In the world market, the Dollar Index (DXY), measuring the USD against 6 key currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 105.09 points - up 0.06% compared to the transaction on May 6.

Retail gas prices fall for second consecutive month

In the early morning of May 7 (Vietnam time), gas prices increased by 0.09% to 2.20 USD/mmBTU for natural gas contracts for delivery in June 2024.

In the domestic market, domestic retail gas prices in May continued to decrease since May 1. Accordingly, for 12kg gas cylinders, gas companies will reduce prices by more than VND7,000/cylinder. Thus, domestic retail gas prices have decreased for the second consecutive month since the beginning of the year.

The reason for this price reduction is that the average world gas price contract in May was at 582.5 USD/ton, down 35 USD/ton compared to April, and also due to fluctuations in the USD exchange rate, so domestic prices were adjusted accordingly.

Thus, since the beginning of the year, domestic gas prices have increased 3 times (January, February, March) and decreased 2 times (April, May).

Coffee prices continue to plummet

Updated at 5:24 a.m. on May 7, 2024, domestic coffee prices decreased by VND1,000/kg, the highest being VND100,500/kg. Currently, the average purchase price in the Central Highlands provinces is VND99,800/kg, the highest purchase price in Dak Nong province is VND100,500/kg.

Specifically, coffee is purchased in Gia Lai and Kon Tum provinces at 99,000 VND/kg; in Dak Nong province, it is purchased at the highest price of 100,500 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 99,000 VND/kg.

In Cu M'gar district, Dak Lak province, coffee is purchased at about 99,900 VND/kg, while in Ea H'leo district, Buon Ho town, it is purchased at the same price of 100,000 VND/kg.

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