Gold Still at Record Highs; Japanese Yen Forecasts a Strong Trading Week

Gold remains at record highs

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

At the time of survey at 5:00 a.m. on May 6, the gold price on the trading floors of some companies was as follows:

z4524363552628-bcbd80bb597dc6a9a9cd06684983d0bd20231008104323.jpg — Domestic gold prices remain at record highs.

DOJI listed 9999 gold at 83.50 million VND/tael for buying and 85.70 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 83.60 - 85.10 million VND/tael (buy - sell).

Bao Tin Minh Chau Company Limited is also traded at 83.60 - 85.80 million VND/tael (buy - sell). Meanwhile, Bao Tin Manh Hai is trading at 83.60 - 86.00 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,301.93 USD/ounce. Converted according to the current exchange rate at Vietcombank , the world gold price is about 69.463 million VND/tael (excluding taxes and fees).

Fifteen Wall Street analysts participated in the Kitco News gold survey this week, with most predicting that gold prices will continue to slide in the coming period. Only four analysts, or 27%, predict higher prices next week. Five analysts, or 33%, predict lower prices. Six analysts, or 40%, see gold trading sideways.

Japanese Yen exchange rate forecast to continue a prosperous trading week

Today's Japanese Yen exchange rate, May 6, surveyed at banks, specifically as follows:

At Vietcombank , the Vietcombank Japanese Yen exchange rate is 161.02 VND/JPY and the selling rate is 170.43 VND/JPY.

Vietinbank has a buying rate of 161.69 VND/JPY and a selling rate of 171.39 VND/JPY.

Japanese Yen exchange rate is expected to improve in the new week.

At BIDV Bank, the Japanese Yen exchange rate is 161.14 VND/JPY for buying and 169.65 VND/JPY for selling.

Agribank, the Japanese Yen exchange rate for buying and selling is 161.96 VND/JPY and 170.17 VND/JPY.

At Eximbank, the buying rate of Japanese Yen is 162.22 VND/JPY and the selling rate is 168.16 VND/JPY.

Techcombank, the Japanese Yen exchange rate for buying is 159.31 VND/JPY and for selling is 171.8 VND/JPY

At Sacombank, the buying rate of Japanese Yen is 164.02 VND/JPY and the selling rate is 169.07 VND/JPY.

The Japanese Yen has been gaining ground this week and according to analysts, it is likely to continue this trend in the coming weeks.

Gasoline prices have yet to improve after a week of deep declines

In the world market, gasoline prices today, May 6, tend to go down following the sharp decline last week.

Oil prices fell more than 1% in the first trading session of the week as ceasefire talks between Israel and Hamas in Cairo eased concerns about a wider conflict in the Middle East. In addition, US inflation data dimmed the prospect of a rate cut by the Federal Reserve in June.

Gasoline prices have yet to improve. Photo: Reuters

In the following sessions, oil prices continued to slide, so with 4 sessions of decline and 1 session of almost flat price, oil prices recorded a week of "unstoppable decline".

Closing last week, Brent oil price was fixed at 82.96 USD/barrel, WTI oil price ended the week at 78.11 USD/barrel.

For the week, Brent fell more than 7% and WTI fell 6.8%, both marking their biggest weekly declines in three months.

Domestic coffee prices continue to fall

Domestic coffee prices updated at 5:10 a.m. on May 6 continued to decline, with a decrease of VND2,000-2,500/kg. Currently, the average purchase price in the Central Highlands provinces is VND100,800/kg, the highest purchase price in Dak Nong province is VND101,500/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at 100,000 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 101,500 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 100,000 VND/kg.

In Dak Lak province, coffee is purchased at around 101,000 VND to 101,100 VND/kg.

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