| Economic and market news on April 6, 2024: Gold prices continuously conquer new records Gold price today April 7, 2024: Gold continues to increase strongly at the end of the week |
Gold price today
The price of gold on the Kitco floor closed the week at 2,329 USD/ounce, while gold futures for June 2024 delivery on the Comex New York floor traded at 2,349 USD/ounce. After rising to 2,220 USD/ounce last week, the world gold price continued to set a new record of 2,329 USD/ounce in the last trading session of the week.
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| Domestic gold price on April 7 is close to 82 million VND/tael |
The increase in world gold prices has caused domestic gold prices to remain close to the 82 million VND/tael mark. Currently, at 8:00 a.m. this morning (April 7), the price of SJC gold bars is listed at 79.50 million VND/tael (buy) and 81.85 million VND/tael (sell). Gold rings are also listed at 72.93 million VND/tael (buy) and 74.53 million VND/tael (sell).
USD down
Early this morning, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 35 VND this week, currently at 24,038 VND.
The USD Index (DXY), which measures the greenback's performance against six major currencies, fell 0.25% to 104.29.
Earlier this week, the dollar rose 0.42% to 104.97 on news that the US manufacturing sector grew in March for the first time since September 2022. The rebound ended a 16-month decline in the manufacturing sector, which accounts for 10.4% of the economy. Markets have reduced bets that the Federal Reserve will cut interest rates in June, according to the CME FedWatch tool.
Stock market capitalization reached about 6.66 million billion VND
As of March 27, the VN-Index reached 1,283.09 points, up 2.3% compared to the end of last month and up 13.6% compared to the end of 2023. The stock market capitalization reached about 6.66 million billion VND, up 12.2% compared to the end of 2023, equivalent to 65.2% of estimated GDP in 2023.
Currently, the market has 736 stocks and fund certificates listed on the two stock exchanges (HOSE and HNX), 870 stocks registered for trading on the UPCoM floor and nearly 7.4 million securities investment accounts. The average trading value in March 2024 was VND 30.6 trillion/session, up 31.4% over the previous month. In the first 3 months of the year, the average trading value was VND 23.7 trillion, up 35% over the average in 2023.
Newly opened securities accounts increased by 163,839
The total number of newly opened securities accounts increased by 163,839 in March 2024; of which, the increase mainly came from domestic individual investors with 163,524 newly opened accounts. This is also the largest increase since September 2023. Meanwhile, domestic institutional investors' accounts increased by only 97 accounts.
In the group of foreign investors, 212 new personal accounts were opened in March, while 6 new institutional accounts were added. Thus, the total number of accounts in the whole market by the end of March was more than 7.69 million.
The number of newly opened accounts increased sharply in the context of the stock market recovering and growing strongly in the first quarter of 2024. Liquidity in the first months of the year also increased sharply with many sessions reaching and exceeding VND 30,000 billion.
Proposal for Land Law to be implemented soon
The Land Law recently passed by the National Assembly is considered a breakthrough in land management and use, creating fundamental changes in land law and policy. That is why the Prime Minister recently proposed to the National Assembly to allow the Land Law to take effect from July 1, instead of January 1, 2025 as stipulated in the Law.
After the 2024 Land Law was passed at the extraordinary session in February, the Ministry of Natural Resources and Environment accelerated the progress, coordinated with local ministries and branches to organize seminars and seminars to solicit opinions from managers, experts, scientists, and localities to urgently complete the draft Decree.
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