Domestic gold price increases dramatically; Coffee price hits new peak, approaching 80,000 VND/kg

Domestic gold price increased dramatically

Gold price today (January 12) on the trading floors of some companies is as follows:

DOJI listed the price of 9999 gold at 72.75 million VND/tael for buying and 75.25 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 73.30 - 74.60 million VND/tael (buy - sell).

Domestic gold continues to increase, SJC gold bar price is still 13,671 million VND/tael higher than international gold price.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 72.85 - 75.25 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 72.90 - 75.50 million VND/tael (buy - sell).

The world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,028.170 USD/ounce, a difference of 3.85 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.129 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 13.671 million VND/tael higher than the international gold price.

Domestic coffee prices hit new peak, approaching 80,000 VND/kg

Updated at 4:24 a.m. on January 12, 2024, domestic coffee prices continued to increase, increasing by 300 - 400 VND/kg and reaching a new peak, approaching the 80,000 VND/kg mark. Currently, the average coffee price in the Central Highlands provinces is about 70,700 VND/kg, the highest purchase price in Dak Nong province is 70,900 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at 70,800 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 70,900 VND/kg.

Domestic coffee prices hit a new peak, approaching 80,000 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, coffee is purchased at 70,200 VND/kg.

Coffee prices in Dak Lak province today are high; in Cu M'gar district, coffee is purchased at 70,700 VND/kg, and in Ea H'leo district and Buon Ho town, it is purchased at the same price of 70,800 VND/kg.

USD continues to decline

Today, VCB USD increased sharply by 80 VND in both buying and selling directions, while world USD continued to decline.

The central VND/USD exchange rate announced by the State Bank is adjusted to 23,948 VND/USD, an increase of 20 VND compared to the trading session on January 11.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,095 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 25,095 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 24,265 and a selling price of 24,635, an increase of 80 VND compared to the trading session on January 11. 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 102.34 points - down 0.02% compared to trading on January 11.

Domestic steel consumption forecast to grow by nearly 7%

Today, steel prices on the Shanghai Futures Exchange fell 16 yuan, domestic and world steel consumption is expected to improve this year.

The May 2024 steel price on the Shanghai Futures Exchange fell 16 yuan to 3,800 yuan a tonne. The February benchmark SZZFG4 iron ore price on the Singapore Exchange fell 3.02% to $133.6 a tonne, the lowest since December 21, 2023.

Other steelmaking raw materials also extended their decline, with coking coal DJMcv1 and coking coal DCJcv1 on the DCE falling 1.73% and 1.51%, respectively.

Steel prices on the Shanghai Futures Exchange continued to fall further.

The steel industry has just shown a strong recovery in November 2023, with production and consumption of all types of steel increasing by more than 30% over the same period.

In a recent report updating the outlook for steel stocks, SSI Research emphasized that demand in 2024 could recover, especially in the domestic market. SSI Research expects total steel consumption to recover by more than 6% in 2024.

According to the World Steel Association, global steel demand is expected to grow by 1.9% in 2024 compared to 1.8% in 2023. Demand from developed economies is expected to grow by 2.8% in 2024 after falling by 1.8% in 2023, with US and European demand growing by 5.8% and 1.6%, respectively, after falling by 5.1% and 1.1% in 2022.

On the other hand, demand from ASEAN countries (excluding Vietnam) is expected to increase by 5.2% in 2024, higher than 3.8% in 2023.

The domestic steel market is showing signs of positive recovery. Steel consumption in December 2023 of some brands increased significantly. In 2024, domestic consumption is forecast to grow by nearly 7%.

Source: https://baonghean.vn/vang-trong-nuoc-tang-soc-gia-ca-phe-lap-dinh-moi-ap-sat-80000-dongkg-post283181.html