Economic and market news on March 24, 2024: Gold price fluctuates; USD continues to rise

Gold price today

The gold market seems to be dominated by the US Federal Reserve and interest rate expectations. After the midweek policy meeting, markets seemed more certain that the Fed would cut interest rates three times this year. That weakened the greenback and pushed the yellow metal to its highest level. However, the gold rally was short-lived as a strong recovery in the US dollar put pressure on the yellow metal.

Today's gold price (March 24) on the Kitco floor closed the weekend session at 2,164 USD/ounce. The price of gold futures for delivery in June 2024 on the Comex New York floor traded at 2,166 USD/ounce. At the current price, the world gold price converted to VND (including tax and processing fees) is about 14.44 million VND/tael different from the domestic SJC gold price.

Gold prices fluctuate, experts find it difficult to predict the direction of gold prices next week

Domestically, at 9am this morning, the listed price of SJC gold was 78.05 million VND/tael for buying and 79.95 million VND/tael for selling. Thus, compared to early yesterday morning, the price of SJC gold has been adjusted up 300,000 VND for selling.

Gold rings have also lost the 70 million VND/tael mark. At Bao Tin Minh Chau at 9am this morning, the listed price of gold rings was 68.33 million VND/tael for buying and 69.63 million VND/tael for selling.

USD continues to rise

Early this morning, the State Bank announced that the central exchange rate of the Vietnamese Dong against the USD increased by 24 VND per week, reaching 24,003 VND. The USD Index (DXY), which measures the greenback's fluctuations against 6 major currencies, increased by 0.96% per week, reaching 104.43.

In contrast to the dollar's rise, the euro hit a three-week low, falling 0.5% in the last trading session to $1.0806.

Proposal to adjust family deduction level

According to the Personal Income Tax Law from July 2020, the family deduction for individual taxpayers is 11 million VND/month and the deduction for each dependent is 4.4 million VND. Family deduction is the amount deducted from personal income taxable income before calculating tax on income from salaries and wages of taxpayers.

However, many opinions expressed that the family deduction of 4.4 million VND for 1 dependent is too low. On the other hand, the tax is calculated according to the current progressive tax schedule with 7 levels with tax rates from 5% to 35% and the gap between the levels is too narrow, which can easily lead to an increase in the amount of tax payable. Starting the progressive tax from level 5%, meaning monthly income exceeding 5 million VND compared to the income that starts to be subject to tax, is too low.

At the Resolution of the regular meeting in January 2024, the Government assigned the Ministry of Finance to study and propose adjustments to the family deduction level in calculating personal income tax to support and remove difficulties in people's lives.

Rice exports are estimated at about 1.6 million tons.

It is expected that by the end of March 2024, our country's rice export output will reach about 1.6 million tons with a turnover of more than 1 billion USD, an increase of about 50% over the same period last year.

In the first quarter of 2024, while rice export output increased by only about 15%, the turnover increased by 45% compared to the same period last year. Notably, after many adjustments, Vietnamese rice prices are still higher than those of Thai and Indian rice.

Currently, 1 ton of fragrant rice has an export price of over 700 USD to Europe and Asia. Focusing on processing and exporting fragrant rice is the solution to increase the value of Vietnamese rice.

Prime Minister directs to accelerate the allocation and disbursement of public investment capital

Prime Minister Pham Minh Chinh has just signed and issued Official Dispatch No. 24 on accelerating the allocation and disbursement of public investment capital in 2024. The Official Dispatch stated: In the first months of 2024, the Government and the Prime Minister have resolutely directed the allocation and disbursement of public investment capital plans, and ministries, branches, central and local agencies have made many efforts. By the end of February 2024, the detailed allocation of the public investment capital plan for 2024 reached 94.9% of the plan; disbursement is estimated at 9.13% of the plan, higher than the same period in 2023 (6.97%).

However, the amount of unallocated capital is still quite large (about 33 trillion VND) of 21 ministries, central agencies and 43 localities; 40 ministries, central agencies and 26 localities have disbursement rates in the first two months of the year below the national average, of which 29 ministries and central agencies have not yet disbursed the 2024 plan (disbursement rate 0%).

Source: https://congthuong.vn/diem-tin-kinh-te-thi-truong-ngay-2432024-gia-vang-troi-sut-dong-usd-tiep-da-tang-310517.html