| Economic and market news update, March 4, 2024: World gold prices trend downward, domestic prices remain high. Gold price today, March 5, 2024: Gold soars to an all-time high. |
Gold prices continue to rise.
World gold prices today (March 5th) saw a spectacular surge, with spot prices rising $34.9 to $2,115.1 per ounce. Gold futures last traded at $2,124.4 per ounce, up $28.7 from early yesterday morning.
Domestic gold bar prices also continue to fluctuate. Currently, the listed price for SJC branded gold bars is 78.90 million VND/ounce for buying and 80.75 million VND/ounce for selling. Thus, compared to early yesterday morning, the price of SJC gold has been adjusted upwards by 600,000 VND for buying and 100,000 VND for selling.
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| Domestic gold prices today are "climbing" in line with world prices. |
Gold rings also increased in price, following the rise in world gold prices. At Bao Tin Minh Chau, at 9 am this morning, gold rings were trading around 67.38 million VND/ounce for buying and 68.58 million VND/ounce for selling.
The US dollar falls.
Early morning on March 5th, the State Bank of Vietnam announced that the central exchange rate of the Vietnamese Dong against the US Dollar increased by 2 dong, currently at 24,004 dong. Meanwhile, in the US market, the US Dollar Index (DXY), which measures the fluctuations of the US dollar against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), decreased by 0.03%, to 103.83.
The US dollar slipped against the euro ahead of this week's news regarding the UK budget, the European Central Bank meeting, and US employment data.
At the beginning of 2024, markets were pricing in the first interest rate cut early this year. However, with released economic data showing the US economy remaining robust while inflation persists, traders have reduced their bets on early Fed rate cuts.
Pepper exports increased sharply.
In the first two months of this year, the average export price of pepper reached US$4,041 per ton, a 28.7% increase compared to the same period in 2023. The main reason is the upward trend and sustained high price of black pepper in the domestic market, while the harvest volume is still limited. The current price of pepper has peaked at VND 96,000 per kilogram. In addition, strong demand for pepper from China has driven prices up.
Vietnam is the world's largest exporter of pepper. Last year, the country exported pepper to more than 100 countries and territories, with China being the largest market.
Proposed changes to the eligibility criteria for purchasing social housing.
The Ministry of Construction is seeking feedback on the draft Decree on the development and management of social housing, which includes a proposal to relax income requirements for buyers.
Accordingly, the income requirements for social housing buyers proposed in the draft Decree on the development and management of social housing must meet the following condition: The average monthly income of the applicant and their spouse must not exceed 15 million VND/month, calculated according to the wage and salary table certified by the agency or unit where the applicant works. The income requirement must be determined for the three years immediately preceding the year of consideration for purchasing or renting social housing.
Thus, compared to the old regulations, the Ministry of Construction has proposed increasing the income threshold for social housing buyers by an additional 4 million VND.
Hanoi accelerates progress on 49 investment projects.
Hanoi will conduct inspections and evaluations of 49 investment projects, including 30 public investment projects and 19 projects funded outside the state budget.
In 2024, the Prime Minister assigned Hanoi's public investment plan at VND 81,033 billion, 1.72 times higher than at the beginning of 2023; of which, investment from land use revenue was VND 36,100 billion, 2.24 times higher than the plan assigned at the beginning of 2023.
Forecasting that 2024 will present many challenges and difficulties regarding disbursement rates, capital mobilization, and ongoing obstacles, the Hanoi People's Committee requests that relevant departments, localities, and units implement decisive solutions from the beginning of the year to ensure the full disbursement of allocated capital.
The city is requesting an acceleration of the implementation and disbursement of the 2024 public investment plan at the city and district levels; focusing on key projects and works of the city and projects allocated capital in 2024.
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